Captain Faibik has presented an analysis that suggests Polkadot (DOT) is about to experience a price increase—ready to fly. The analysis suggests a possible target of $12. The target is about twice the current price of $6.33.
Descending Wedge Pattern Signals Bullish Reversal
Captain Faibik’s analysis has identified a descending wedge pattern on the DOT/USDT chart. This pattern is usually considered bullish.
$DOT #Polkadot Seems like bottomed out & Ready to Fly.. pic.twitter.com/UIQkfTrj2p
— Captain Faibik (@CryptoFaibik) July 2, 2024
The upper trendline connects a series of lower highs, while the lower trendline connects a series of lower lows. As these lines converge, they form a wedge shape that often signals an impending reversal of a downtrend.
A recent breakout above the upper trendline of the falling wedge is highlighted by Captain Faibik’s study. This breakout validates the wedge pattern’s bullish reversal, making it a crucial technical event.
This breakout has major implications since it confirms the preceding downtrend’s reversal and suggests that there may be a substantial spike in price.
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Show more +Show less – Target Projection: DOT Aiming for $12
The most striking aspect of Captain Faibik’s analysis is the projected price target for DOT. Using standard technical analysis methods, the analyst has identified a target area of around $12.
This target is calculated by measuring the height of the wedge at its widest point and projecting this height from the breakout point. The resulting price level of $12 represents a potential upside from DOT’s current price levels.
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The technical analysis by Captain Faibik makes a strong argument for a bullish prediction for Polkadot’s DOT. A confirming breakout and the clear identification of a descending wedge pattern offer a solid technical basis for the anticipated rise to $12.
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