The Polkadot price is up 7%, now trading around $7.20. This is still below $10.73, 2024’s yearly high.
World of Charts recently shared a compelling DOT chart with his 41,000 followers on X, sparking discussions across the crypto community.
The chart reveals Polkadot breaking free from a long-term descending trendline that dates back to 2021, suggesting the bearish trend might be losing steam. A strong support zone has formed between $6 and $6.50, where DOT found stability and built a foundation for potential upward movement.
The $8.50-$9 range, which previously acted as resistance, has now flipped to support following the breakout. More importantly, the Polkadot price has successfully retested the $6-$7 range, validating it as new support and potentially setting the stage for further gains.
Source: X/@WorldOfCharts1 Polkadot Price Targets and Market Structure
The chart identifies $13 as the immediate resistance level to watch. Looking at the bigger picture, there’s a projected move toward $30, which would represent a 377% increase from the $6.50 retest level.
The market structure shows promising signs with a series of higher lows and highs, while increased volume during the breakout suggests genuine buying interest. Key Fibonacci retracement levels align with these movements, adding weight to the bullish outlook.
For traders and investors tracking DOT’s progress, the conservative target sits around $13-$15 in the shorter term. The more optimistic scenario suggests a potential climb to $30 by mid to late 2025, though this timeline remains speculative and depends heavily on broader market conditions.
Read also: This Crypto Expert Predicts Where The Kaspa (KAS) Price Is Headed Next
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