If you're keeping an eye on $DOT (Polkadot), the current price action is looking quite promising. The daily chart shows a bullish wedge pattern that's forming beautifully, with a solid bounce from a key support level at the 0.61 Fibonacci retracement. This setup suggests that DOT could be gearing up for a breakout.

The Setup: The wedge pattern is indicative of price compression, and when the breakout happens, it often leads to a significant move. Traders looking for an entry should wait for a confirmed breakout above the upper trendline of the wedge.

Target Levels: The target levels are clearly outlined on the chart, so make sure to keep an eye on them as the price approaches these key zones.

Stop Loss Strategy: As for risk management, placing your stop loss below the green support zone or just under the lower trendline of the wedge are both solid options. The important thing is to base it on a daily candle close to avoid premature stops.

Conclusion: Overall, DOT's chart is showing strong bullish potential. Waiting for the breakout and setting a strategic stop loss could provide a rewarding opportunity for those looking to take part in the next move. Best of luck, and happy trading! 🚀

#Write2Earn