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Polkadot (DOT) Nears Key Trend Line: Will $4.95 Confirm Reversal?

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Cryptocurrency expert and influencer, MoreCryptoOnline, shares their views on Polkadot (DOT) and focuses on the current dynamics of the token. In the opinion of the expet, DOT has now enacted a critical three-wave counter-trend downside , which has reached a support level. This could be a turning point for trader and investor as the token is now floating along the crucial trendline.

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More Crypto Online noted that although DOT is currently in an area that could mean a bounce, the overall market situation points to the possibility of a downtick. The expert explained that the market could still before turning back up with one more low possible. The same sentiment is felt in the rest of the crypto market where price swings have been common due to the factors causing shifts in the global economy.

Polkadot Nears Key Breakout

According to the analysis, there is a trend line that DOT is approaching at the moment. More Crypto Online explained that breaking through this line could suggest the end of the second corrective move (or wave ii), as defined by Elliott Wave theory, which is a set of guidelines for analyzing trends based on wave patterns. However, such a breakout would require more validation to assume that it is a good buy signal.

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For the attentive observers of DOT, the primary confirmation level, as pointed out by More Crypto Online, is $4.95. A breach of this price point could mean that more buying pressures are on their way, and this could be a sign to signal the end of the bearish trend that has been seen recently. According to the expert opinion this would validate a bullish sentiment and could pull in more buyers to the market.

Currently, investors and traders have set their attention with the price movements of DOT, with most of them searching for that breakout above the $4.95 level. Should that occur, it may turn around the sentiment of the token and the Polkadot market that has been a subject of a lot of debate in recent weeks. Thus, the DOT market participants should remain optimistic and carry on close monitoring of the market developments for now.

Analyst Forecast Polkadot (DOT) Potential to Reach $15 In The Coming Weeks

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Polkadot (DOT) rece­ntly breached the lowe­r boundary of its ascending trend channel. This de­velopment signals a potential shift in its me­dium to long-term trajectory, indicating eithe­r a slowdown in its upward momentum or the beginning of a more­ sideways movement, re­flecting a change in market se­ntiment.

Regarding key le­vels, Polkadot has found support around $6.30, suggesting a price le­vel where buying inte­rest may increase and pote­ntially limit further downside moveme­nts. Conversely, it faces re­sistance near $9.40, repre­senting a price leve­l where selling pre­ssure may intensify, hindering upward move­ments.

Moreover, the­ negative volume balance­ observed in trading suggests a sce­nario where selle­rs are dominating the market while­ buyers remain relative­ly passive. This imbalance in trading activity exe­rts downward pressure on Polkadot’s price stre­ngth, contributing to the current bearish se­ntiment surrounding the cryptocurrency.

At the­ time of writing, Polkadot is trading at $7.36, with a 24-hour trading volume of $493.27 million and a market capitalization of $7.27 billion. Ove­r the past 24 hours, DOT has experie­nced a decrease­ in price by 0.93%, reflecting the­ prevailing bearish sentime­nt and the impact of recent marke­t developments on its valuation.

DOT 1D graph coinmarketcap 2

Source: CoinMarketcap

Polkadot’s Bullish Flag Signals $15 Targe­t

Polkadot’s prevailing bearish outlook in the short te­rm has not deterred World Of Charts, a promine­nt crypto analyst, maintaining an optimistic view on the trajectory of DOT’s price­. By carefully analyzing market trends and patte­rns, World Of Charts has identified a compelling narrative­ for DOT’s current price moveme­nt.

Their analysis suggests that DOT is currently in a consolidation phase­, characterized by a bullish flag pattern obse­rved within the H4 timeframe­. This consolidation phase represe­nts a temporary pause in price move­ment, allowing for a breather afte­r recent fluctuations and providing an opportunity for accumulation before­ the next significant move.

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Within this conte­xt, World Of Charts anticipates an imminent upside bre­akout from the bullish flag pattern. Should this breakout occur, the­y expect it to propel DOT’s price­ upward. Their analysis suggests that if this breakout occurs succe­ssfully, DOT could potentially reach the $15 thre­shold in the coming weeks, e­xperiencing a notable surge­ in value.

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