- The crypto market eases into a steady recovery zone and altcoins show bullish potential.
- Amongst these altcoins are Polkadot (DOT) preparing to make a bullish breakout.
- Will DOT blast through this critical retest zone or will it decline again?
The crypto market steadily moves through the recovery phase as Bitcoin (BTC) maintains the above $58,000 price mark. As Bitcoin moves in an upward trajectory, many altcoins are also showing signs of highly bullish uptrends.
Some altcoins have been showing bullish signs for months while others are showing bullish signs due to recent project announcements. These altcoins include Cardano (ADA) JasmyCoin (JASMY) VeChain (VET), WadzPay (WTK), and many more.
One altcoin that’s buzzing today is Polkadot (DOT). According to TrdingView charts, the price of DOT is turning bullish. In precious bull cycles, DOT has been one of the standout performers, showing remarkable resilience during the recent market correction.
In the last few weeks, Polkadot (DOT) has been navigating a falling wedge pattern. Presently, DOT/USDT is aiming to retest the upper resistance of the pattern. If it were to break out of this formation, DOT could turn bullish.
In fact, according to some analysts, these are bullish signals indicating that a bullish breakout is quite promising. Furthermore, the analyst adds that a successful retest will reinforce and confirm this breakout for DOT price.
Adding on, the analyst says that if the price falls back into the wedge, then it is likely that Polkadot (DOT) will retest its support at $4.850. This level will be a key indicator of DOT’s strength, and a failure to hold here could signify a potential decline.
Finally, the analyst adds that should the macro market sentiment turn bearish with significant selling pressure, the price might revisit its liquidity-packed area and strong medium-term support between $4.0 and $3.7. More importantly, this zone is critical as it has historically provided substantial support.
Read Also
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
