The post Can Polkadot’s recovery propel it to new heights? appeared on BitcoinEthereumNews.com.

DOT was trading within a pronounced ascending triangle pattern and has recently bounced off the support line. The likelihood of DOT rising to $4.995 and subsequently to $6.328 is supported by several key metrics. Although Polkadot [DOT] has experienced a 6.13% decline in the last 24 hours, which initially reflected the market’s hesitancy, emerging data suggests this pullback could be a setup for the anticipated increases. Support level could propel DOT to $4.9 Polkadot has transitioned from a small to a larger ascending triangle pattern, which is characterized by a horizontal upper resistance line and a rising lower support line. This pattern suggests a consolidation of prices leading to a potential breakout. As of press time, Polkadot has rebounded from the lower support line, a move historically linked to triggering upward momentum. With this support, DOT is expected to climb back to the $4.995 resistance level. Should the buying pressure exceed the selling at this resistance, DOT is set to advance toward the $6.328 mark. Conversely, a failure to sustain this momentum could see DOT falling to its 2024 low of $3.590, and possibly further to $3.562 if market conditions deteriorate. Source: Trading View Positive developments predict upswing for DOT AMBCrypto’s recent analysis indicates a likely uptick for DOT from its current trading position. The Open Interest Weighted Funding Rate (OI) on Coinglass, a key indicator for short-term market trends, has been on the rise, signaling a bullish market sentiment.  This metric assesses market dynamics by analyzing the volume and direction of trader positions, which currently favor an upward trajectory for DOT. Sources: Coinglass Furthermore, the funding rate, pivotal in ensuring that futures prices mirror the spot price, remains positive at 0.0024%.  Although a positive rate typically leads long position holders to pay shorts—curbing excessive bullish bets—it also reflects the…

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Filed under: News - @ October 3, 2024 12:19 am