Polkadot (DOT), a prominent cryptocurrency, is currently navigating a crucial juncture in its market trajectory. Trading around the $3,83 mark, DOT finds itself positioned within a significant multi-year support zone, drawing keen interest from market analysts who foresee substantial upside potential, with targets extending beyond $30.
The digital asset’s recent price action indicates a strong defense of the $3,00 to $4,00 range, which has been identified as a critical long-term accumulation area. This zone also aligns with a multi-year descending trendline breakout, a level that DOT has successfully retested and held. According to analysis by Crypto Patel, this sustained hold above the trendline suggests a potential macro reversal is underway. The repeated retests of this support over recent weeks underscore robust buying interest, laying the groundwork for a broader shift in trend should buyers maintain their defensive stance above $3,00.
Source:Crypto Patel,
Further bolstering the bullish sentiment, analyst Crypto_TheBoss noted that Polkadot’s structure on the weekly timeframe exhibits characteristics of a Wyckoff Accumulation pattern. This technical formation typically signals that “smart money” is actively building positions during an extended period of sideways consolidation before a significant upward movement. The current price consolidation aligns with this pattern, suggesting a potential breakout following this prolonged period of market equilibrium.
Should Polkadot gain upward momentum, key resistance levels come into focus. The initial major hurdle is projected near $9,24, a price point that acted as a significant breakdown area during the previous market cycle. Beyond this, analysts are closely monitoring $16,67 and $40,85, levels derived from prior swing highs and Fibonacci retracement zones. Crypto Patel reiterates that a target of $30+ remains realistic for the current bull run, with an ambitious “bonus target” of $50, contingent on DOT maintaining its structural integrity and avoiding a decisive close below the $3,00 threshold.
Currently, Polkadot is trading at $3,83, supported by a daily trading volume of approximately $320 million, as reported by CoinGecko. While short-term volatility remains a constant in the crypto market, the prevailing focus among traders is on signs of sustained accumulation within this critical support zone, anticipating a significant breakout in the near future.
Disclaimer: This article is for informational purposes only and should not be taken as financial advice. Always conduct thorough research before making investment decisions.
