What $DOT ‘falling wedge’ breakout means for traders - AMBCrypto Analytics

Polkadot (DOT) has recently broken out of its falling wedge pattern on the weekly chart, signaling a strong potential for a bullish rally. Currently priced at $6.83 with a slight 1.98% decrease, DOT’s breakout and subsequent retest of the breakout level set the stage for an exciting trading opportunity.

Polkadot's price is facing its first major resistance at $10.88, with the midterm target pegged at $24. This breakout, coupled with technical indicators like the oversold stochastic RSI (showing values near 3.03 and 4.01), suggests a possible short-term rebound. Furthermore, while the daily moving average (MA) crossover hints at consolidation, it also points to a potential upward reversal, reinforcing the bullish outlook.

Social volume, at 105, shows growing community interest in Polkadot. This increased engagement, often indicative of rising investor sentiment, may fuel further price momentum. If the current trend continues, Polkadot's prospects look favorable, suggesting the cryptocurrency could witness a significant upside in the coming weeks.

👇 WhiteBIT Chart: DOT/USDT, 1D.