Polkadot ($DOT ) has recently sparked significant interest in the crypto space after a strong long signal flashed, indicating a promising outlook for the token in the near future. After a solid rally from $5 to $11, followed by a corrective phase, many are skeptical about its potential, with some speculating a dip to $2. However, our analysis points to a more bullish scenario.
Looking at the daily chart, the recent price action mirrors the structure of an Elliott wave pattern, with the growth from $5 to $11 forming the first wave of a larger bull run. The correction, which resembles an ABC pattern, has finished within the key 0.61 Fibonacci retracement zone, signaling the end of wave 2. Adding to the bullish case, the Bullish/Bearish Reversal Bar Indicator has recently printed a green dot, a powerful long signal that has been replicated across our trading accounts.
The next phase, expected to be wave 3 of the global wave 3, could unfold rapidly, with minimal corrections along the way. Our target for this wave is between $19 and $22 within the next two months, making DOT one to watch for potential gains.
