Polkadot (DOT) is currently forming a round bottom pattern with a key resistance level at $4.40. On the daily timeframe, DOT has been attempting to break through this resistance but has not yet succeeded.
If this breakout attempt fails, DOT could retrace back to the $4.20 support zone for another retest. However, the round bottom structure suggests a gradual accumulation phase. Combined with the broader market’s anticipation of an altcoin season and the upcoming approval processes for DOT-related ETFs, this setup positions DOT as a compelling investment candidate.
From a technical perspective, should the breakout materialize, a rally toward the $6.50 target zone appears to be a realistic and achievable scenario.
If this breakout attempt fails, DOT could retrace back to the $4.20 support zone for another retest. However, the round bottom structure suggests a gradual accumulation phase. Combined with the broader market’s anticipation of an altcoin season and the upcoming approval processes for DOT-related ETFs, this setup positions DOT as a compelling investment candidate.
From a technical perspective, should the breakout materialize, a rally toward the $6.50 target zone appears to be a realistic and achievable scenario.
Note
Update 1DOT has rejected resistance and pulled back to retest the support area. This means we will need to wait longer for confirmation. That is perfectly fine — I will only reconsider the outlook if DOT falls below $4.00. In crypto trading, patience remains the golden key.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.