Polkadot ( $DOT ) breaking out on the weekly timeframe:

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Weekly Technical Analysis: Breakout in Progress

1. Price Structure and Trend:
Polkadot (DOT) has been consolidating within a well-defined range over the past several months, forming a base on the weekly chart. Recently, the price has shown signs of strength, breaking out from a key resistance level, signaling a potential reversal from its downtrend. The breakout is confirmed by a strong weekly above $4.5, indicating bullish momentum.

2. Resistance and Support Levels:
- Immediate Resistance: The breakout point near $4.30 - $4.50 was a significant horizontal resistance level that DOT had struggled to surpass in previous weeks. With this level now cleared, DOT faces its next potential resistance near $6.50 - $7.00.

- Support: In case of a retracement, the broken resistance around $4.05 will likely act as the first support. Below that, major support lies around $3.80, the bottom of the consolidation zone.

3. Moving Averages:
DOT will reach its weekly 12 MA soon. And potential strong uptrend will start from there.

4. RSI (Relative Strength Index):
The weekly RSI is still closed to the oversold soon i.e 37, indicating a strong buying opportunity here for the weeks to come.

5. MACD (Moving Average Convergence Divergence):
The MACD indicator has shown a bullish crossover on the weekly chart, with the signal line crossing above the MACD line, suggesting a potential long-term trend reversal. The histogram is also expanding, which reflects increasing bullish momentum.

6. Volume Analysis:
The breakout was accompanied by a noticeable increase in volume, which adds confidence to the strength of this move. A sustained increase in volume could indicate that more buyers are entering the market, supporting the bullish case.

7. Potential Targets:
- Short-term target: $6.50 - $7.00, representing the next strong resistance level.

- Medium-term target: If DOT can surpass the $7.00 mark, the next potential target lies around $11.00, where previous price action has shown heavy resistance.

8. Risk Management:
While the breakout looks promising, traders should remain cautious of potential retracements, especially if the broader crypto market faces volatility. A weekly close back below $3.8 would invalidate the breakout and could signal further consolidation or downside.

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### Conclusion:
Polkadot (DOT) is showing promising signs of a bullish breakout on the weekly timeframe after a prolonged period of consolidation. If the breakout holds, there could be significant upside potential toward the next resistance levels at $6.50 and $7.00. Traders should watch key levels closely and manage risk, but the technical indicators suggest momentum is shifting in favor of the bulls.

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