NewsletterDOT Price Analysis: $8.8 Breakout Gives Green Flag For 28% Jump
The Polkadot(DOT) buyers plan to end the past two months’ consolidation with today’s bullish breakout from the $8.8 resistance. Moreover, this breached resistance being the prior swing high indicates the buyers are preparing to extend the recovery rally higher. Can the potential rally surpass $10.6
Key points:
- The DOT chart showcase five consecutive greens candles on the weekly chart
- The rounding bottom pattern sets the coin price for a 28% rise
- The 24-hour trading volume in the Polkadot coin is $628.5 Million, indicating a 88% gain.
Source-Tradingview
The DOT/USDT pair showcases a premature rally under the influence of a rounding bottom pattern. The altcoin is currently trading at the $9.21 mark, registering a $47.5 gain within a month.
However, since July 11th, the DOT price resonated within the consolidation phase of this pattern, stretching from $8.81 to $6.25. Today, the coin price witnessed a sudden surge in buying pressure, pushing the price above $8.81 with a 6.71% gain.
This bullish breakout backed by 20% in volume indicates that the buyers are confident that DOT will sustain the higher prices. A daily candlestick closing above the breached resistance will allow traders to test this level for suitable support.
If the coin sustains above the $8.81 mark, the flipped support may bolster the recovery rally 15% higher to reach the $10.6 mark.
However, as per the technical setup, the bullish reversal pattern will lead the DOT price to its neckline resistance of $11.8, indicating a more than 12% growth opportunity.
While things look bullish for DOT price, a failed attempt to hold above $8.81 may pull the price back to the $7.87 mark.
Technical Analysis
EMAs: A bullish crossover of 20-and-50-day EMA amid the $8.81 breakout gives a strong confirmation for buyers. Moreover, the last pullback bounced back from the 20-day EMA indicates it has flipped to viable support.
Vortex indicator: the expanding gap between the VI+ and VI- slopes accentuates the growing bullish reign.
- Resistance levels- $10.6 and $11.8
- Support levels- $8.81 and $7.87
- NYSE Approves Grayscale Dogecoin and XRP ETFs to Launch on November 24
- Breaking: December Fed Rate Cut Takes a Hit as Labor Department Cancels October CPI Report
- Arthur Hayes Says The Bottom Is Near As Bitcoin Crashes To Six-Month Low
- MSCI Shocks Crypto As New Proposal Could Reclassify BTC, ETH, SOL Treasury Companies as Funds; Saylor Reacts
- 8 Best Crypto Offramps Service Platforms in 2025
- Dogecoin Price Finds Support: Can the 21Shares & Grayscale DOGE ETFs Spark a Surge?
- Will Solana Price Crash Under $100 as Crypto Market Signals Further Downside?
- Ethereum price Drops Below $2,700 as US Jobs Data Hits Rate-Cut Hopes
- Dogecoin Price Forecast: Will DOGE Hold Above $0.15 or Fall Lower?
- Pi Coin Price Eyes a 105% Surge as Bullish Patterns Align With Bullish Fundamentals
- Will XRP Price Rally to $3 After Bitwise Launches First XRP ETF on NYSE?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
