Date: Tue, February 11, 2025 | 07:53 AM GMT
The cryptocurrency market is showing signs of recovery today, with major altcoins turning green after weeks of correction. Bitcoin dominance has declined by 0.67% today to 61.15%, pushing the market for a rebound today.
Among them, Polkadot (DOT) and Aptos (APT) are showing notable signs of recovery. DOT has surged 6.50%, while APT is up by over 2%, both reclaiming key support levels after suffering a 30-day correction of over 23% and 29%, respectively.
Source: Coinmarketcap Polkadot (DOT)
DOT’s daily chart forms a falling wedge pattern, a bullish structure that typically signals an impending breakout. After facing rejection from its December 4 high of $11.65, DOT entered a prolonged downtrend, eventually hitting a low of $3.76 before finding strong support.
Polkadot (DOT) Daily Chart/Coinsprobe (Source: Tradingview) DOT is currently trading at $5.17, facing resistance at the 15-day moving average (MA). If DOT breaks above this resistance, it could rally towards the upper wedge boundary. A decisive move past $6.49 could confirm a bullish trend, potentially paving the way for further gains to resistance of $6.49.
Aptos (APT)
APT is also following a falling wedge pattern, with its price recently bouncing off the lower trendline support around $4.55. Currently, APT is trading at $6.34, nearing the wedge’s upper resistance.
Aptos (APT) Daily Chart/Coinsprobe (Source: Tradingview) If APT can break above its 15-day SMA, it could trigger a retest with the upper boundary of the wedge. A breakout from this formation with a retest would significantly increase the likelihood of a sustained recovery towards the first resistance level of $8.41.
The MACD is turning positive, indicating a potential bullish shift.
Final Thoughts
Both DOT and APT are nearing critical resistance levels within their falling wedge patterns. If breakouts occur, they could spark a larger recovery trend and potentially lead to a double-digit percentage rally in the coming weeks. However, failure to break these levels could mean further consolidation or a possible retest of lower supports.
Traders should keep a close eye on these key resistance levels to determine whether the breakout signals a true reversal or just another temporary bounce
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
