Polkadot (DOT) Testing Falling Wedge Resistance: Will It Make a Breakout?
Date: Fri, Jan 31, 2025, 05:44 PM GMT
In the cryptocurrency market within the last few hours, major altcoins have been making impressive gains following Ethereum’s (ETH) breakout and a decline in Bitcoin (BTC) dominance, which now stands at 58.94%.
Following this, top altcoins , including Polkadot (DOT), are also gaining traction, showing noticeable upward momentum.

However, a promising technical pattern suggests that a potential bullish reversal could be on the horizon, as highlighted by chart analyst @bitamberly .
Analyst Insight
According to analyst , DOT is forming a falling wedge pattern on the 8-hour timeframe. This is considered a bullish technical structure that often precedes strong upward moves. The price is currently trdaing at $6.40 level and testing the 50-period moving average (MA 50) and approaching the descending wedge resistance.

A confirmed breakout from this pattern could trigger a strong rally, potentially pushing DOT toward key price levels. If the breakout is successful, DOT could first target $7.60, followed by a stronger resistance zone at $8.04, with the major breakout target sitting at $9.40.
On the downside, failure to break above the wedge resistance could result in another retest of the support zone near $5.58, where buyers may attempt to defend the price.
Final Thoughts
With Ethereum’s breakout acting as a major catalyst for the altcoin market and Bitcoin dominance dropping to under 59%, the market is showing strong bullish momentum. If DOT successfully breaks above the falling wedge resistance, it could see significant upside potential, following the broader altcoin rally.
However, traders should remain cautious and watch for confirmation signals before making any decisions.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
38% Dogecoin Rebound, Cardano Tests AI Limits, But Unstaked’s AI Advantage Steals the Show
Dogecoin (DOGE) jumps 38%, and Cardano (ADA) launches an AI testnet, but Unstaked’s advanced AI agents go beyond marketing, offering real impact and value.Dogecoin (DOGE) Future: Aiming for $3.94 with MomentumCardano (ADA) Blockchain Tests AI ScalabilityUnstaked: AI That Goes Beyond MarketingFinal Take: Real AI Utility vs. Hype

ETH Trades at Historic Lows vs BTC Since 2019
ETH hits lowest value compared to BTC since 2019, raising questions on a potential rebound amid mixed fundamentals.ETH Undervalued Against BTC: A Historical SetupBullish History, Bearish FundamentalsPatience Required for Ethereum Bulls

Popcat Climbs, Dogecoin Stalls, But BTFD Triples Tokens with 200% Bonus—Best Meme Coin Presale to Buy Now Before May 26 DeadlineConclusion: Don’t Mis
BTFD Coin surges in Stage 15 with 90% APY staking and 200% bonus. Best meme coin presale to buy now before it launches on May 27!BTFD Coin (BTFD) – The Bulls Are Charging, Are You In?Dogecoin (DOGE) – The OG Meme King Facing Shaky GroundPopcat (POPCAT) – The Smart Money Magnet of the Moment

SHIBA’s Hype Fades, ADA Devs Work; Meanwhile, Web3 ai Becomes Highest Trending Crypto With $500K Frenzy
Explore Shiba Inu (SHIBA) recovery trends, Cardano (ADA) prediction backed by developer growth, and how Web3 ai’s Portfolio Optimizer replaces guesswork with smart strategy. Learn why Web3 ai is gaining traction among the highest trending crypto tools.Web3 ai’s Portfolio Optimizer Turns Guesswork Into GainsShiba Inu (SHIBA) Recovery Sparks Renewed Interest After Key Price ReboundCardano (ADA) Prediction: Development Surge Fuels Bullish OutlookStrategy Over Speculation

Trending news
MoreCrypto prices
More








