Polkadot (DOT) Ready for Breakout with a Double Bottom Formation


  • Polkadot sees its price wavering past the $35.47 support, suggesting an upcoming new surge.
  • If DOT bounces off this footing, it might trigger a 20% surge towards $42.77
  • Meanwhile, Polkadot’s failure to hold beyond $32.23 will annul the bullish narrative.

Polkadot had its price turning around to move higher on 28 November. The alternative coin rests on support, following a slight pullback. Meanwhile, Polkadot can utilize this footing to propel towards higher levels.

Polkadot Price Targets Higher Highs

Polkadot had its price surging 72% after the altcoin bottomed at $32.19 on 12 October. However, the upswing started stalling over the past few sessions. That came after DOT saw profit-booking, and the crypto dropped nearly 41% in almost 21 days. The downswings saw Polkadot creating another swing low of around $32.19.

The developments resulted in a double bottom formation, suggesting more potential upticks. Keep in mind that a double bottom pattern acts as a Launchpad for uptrends. So far. DOT has surged 22% only and might present another buying opportunity before skyrocketing with steady uptrends.

Furthermore, Polkadot is inside a buy zone now while retesting the support floor at $35.47. If it bounces off this area, the altcoin might witness a 20% upsurge, hitting $42.77. Nevertheless, DOT has to overcome the hurdle at $37.55 to confirm a new upward trend.

Though the bullish narrative, if the altcoin fails to maintain beyond the support floor at $35.47, it will plunge. That is because DOT will confirm more profit-booking by investors. Such a scenario may have Polkadot revisiting the demand barrier at $32.23. While DOT can dip beneath this area to gather liquidity, a daily candle close under the level will cancel the predicted bullishness.

As a result, crypto fans may expect Polkadot to extend its downward movements towards $29.74. Nevertheless, the correct catalysts in the global crypto marketplace can help DOT trigger its next surge. Meanwhile, Bitcoin has to rise past $60,000 to confirm overall market strength. For now, BTC battles many hurdles as its fails to surge, hovering below $57,000.

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