Polkadot is showing strong signs of recovery following its extended downtrend. Prominent analyst World of Charts shared insights on X (formerly Twitter) about the cryptocurrency’s price movements, highlighting its recent correction after a rally and projecting further upside potential. According to the analysis, DOT’s price may be preparing for another stable rally, potentially pushing it toward the $30 mark.
The analysis follows Polkadot’s successful breakout from a multi-year bearish trend and a subsequent retest, signaling a bullish setup.
DOT Chart Analysis: Breakout From Multi-Year Downtrend
Polkadot’s price peaked in late 2021, reaching all-time highs near $55 before entering a prolonged bearish phase. A descending trendline formed, containing DOT’s price within a steady downtrend for nearly two years. During this period, the asset repeatedly tested lower support zones, eventually bottoming out around the $4–5 range by mid-2023.
From this bottom, Polkadot’s price rallied over 150%, breaking through the descending channel. This breakout indicates a potential shift in market sentiment. The price recently retested this breakout zone, a critical step that often confirms the strength of bullish momentum. Analysts view this retest as a sign of stability before further upward movement.
Key Support and Resistance Levels
The chart identifies a robust support zone in the $4–5 range, where DOT established its price floor. This level served as a strong accumulation area during the downtrend. On the upside, resistance currently lies in the $7–9 range, where the price is consolidating after its sharp recovery.
Image Source: X/WorldOfCharts
A breakout above this resistance zone could trigger further gains, with intermediate targets in the $12–14 range. Analysts believe this zone aligns with historical price reactions and may provide insight into Polkadot’s next move. If momentum continues, Polkadot could reach $30, as forecasted in the tweet.
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Bullish Momentum and Market Outlook
The chart analysis also reveals a curved trendline, suggesting that Polkadot’s price may be entering a parabolic uptrend. This pattern often indicates accelerating bullish momentum, aligning with the analyst’s $30 projection. While the price is currently correcting within a stable range, a decisive move above the $9 mark would confirm renewed buying interest and initiate the next rally phase.
Market watchers remain focused on whether Polkadot’s price can sustain this momentum and build on its recent breakout. The successful retest and bullish price action could provide a foundation for the next major rally, as suggested by World of Charts.
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The post Market Analyst Eyes $30 as the Next Target for Polkadot (DOT) Price After Successful Retest – Here’s Why appeared first on CaptainAltcoin.
