Polkadot (DOT) has seen a price increase in the daily timeframe as the crypto market soars. Some market watchers suggested the cryptocurrency is gearing up for a breakout, setting new targets for the short and mid-term timeframes. ✅✅

POLKADOT BREAKS OUT OF FALLING WEDGE PATTERN

😘😘Polkadot has registered a 10.9% increase in the last week following the market’s performance. DOT jumped from the $4.32 support zone to the $4.53 mark before retracing, registering a 4.8% daily surge in the early hours of Tuesday.

The cryptocurrency also saw a 56% rise in market activity, recording a $259.3 million daily trading volume. This increase has made DOT retest the upper trendline of a falling wedge pattern.📈📈

Polkadot is “getting ready for a massive breakout” from the bullish pattern after a long consolidation period. DOT has been moving within the falling wedge for the past seven months, consolidating between $4-$4.8 since August’s Black Monday.

The token had a strong bounce from the Point of Control (PoC) value zone, surging 11% in the last three days.🎯🎯 Today’s jump saw the token break above the pattern’s upper trendline, momentarily sitting above it.

A retest of March highs if the token successfully breaks out of the falling wedge. To him, a 160% surge for the midterm is imminent, which would target the $11.46 yearly high. 🎯🎯

IS DOT PREPARING TO RECLAIM $20?

Crypto analyst Ali Martinez suggested that Polkadot could “be following Fantom’s footsteps.” Per the post, DOT’s chart looks similar to Fantom’s before its March performance.

🎗🎗Ahead of the Q1 rally, FTM rose two times to the upper range of its accumulation zone and retraced before its 263% bullish run toward its yearly high. If Polkadot were to follow, and its current pattern holds, DOT’s price could rise to $9.7 in Q4.

Following the surge, the cryptocurrency would face a pullback to the $6.5-$6.7 support zone before skyrocketing to $20 by Q1 2025, a level not seen since April 2022.🥈🥈

Despite the bullish forecasts, some investors remain cautious about Polkadot. A crypto trader noted that DOT followed Bitcoin’s lead like most of the market. The cryptocurrency surged to its daily high of $4.53 as BTC retested the $67,000 resistance level.😎😎

However, DOT quickly fell to Monday’s levels as BTC was rejected from its resistance zone. The trader questioned DOT’s 24-hour trend, stating, “BTC stops pumping, DOT rises a few percent, while most things don’t rise, as soon as it gets going, the entire market falls and DOT immediately loses everything it had previously gained.”

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