Expert Analyst Accumulates More Polkadot (DOT) Tokens, Predicts Incoming 4x Rally

Polkadot could be ready for a bullish move as it hit a crucial support. DOT price has increased by 11% in the last 48 hours, and this could be the beginning of a big move

World Of Charts (@WorldOfCharts1) shared their bullish stance on Polkadot, announcing additional accumulation of DOT tokens with an ambitious midterm price target of $25-30. This prediction suggests a potential 4x return from current prices, drawing significant attention from the crypto community.

DOT Technical Analysis Shows Promising Signs

The analyst’s detailed chart analysis reveals several encouraging developments in DOT’s price action against USDT. After experiencing a prolonged downtrend since its all-time high, Polkadot has shown signs of revival by breaking out of a descending wedge pattern – a technical formation often associated with trend reversals.

World Of Charts points to the current consolidation phase around the $7-8 range as a critical juncture for DOT. This price zone, which previously acted as support before becoming resistance, now serves as a crucial battleground that could determine the token’s future trajectory.

According to World Of Charts’ analysis, Polkadot’s journey to the predicted $25-30 range would likely unfold in stages. The first major milestone would be establishing firm support above the $8 mark. From there, the analyst envisions DOT targeting intermediate resistance levels around $12-15 before making its way toward the ultimate target range.

The technical setup appears to support this ambitious prediction. The measured move following the wedge breakout aligns with these higher targets, providing technical validation for World Of Charts’ bullish outlook.

Read Also: Chainlink Price Prediction: Can LINK Hit $52 Soon?

While maintaining their bullish stance, the analyst acknowledges certain risk factors that traders should consider. The most immediate challenge lies in DOT’s ability to decisively break and hold above the $7-8 resistance zone. Failure to do so could lead to a retest of lower support levels between $4-6.

The broader crypto market conditions, particularly Bitcoin’s performance, will play a crucial role in DOT’s price movement. World Of Charts’ analysis suggests that favorable macro conditions combined with DOT’s technical setup could create the perfect storm for significant upside potential.

Read Also: Analyst Warns Against Selling Onyxcoin (XCN): Predicts Timeline for Massive Price Spike

The comprehensive analysis shared by World Of Charts presents a compelling case for DOT’s bullish potential. Their decision to accumulate more tokens at current levels demonstrates confidence in the technical setup.

While the predicted 4x rally to $25-30 may seem ambitious, the analyst’s technical analysis provides a reasonable roadmap for how this target could be achieved through a series of technical breakouts and consolidations.

Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.

We recommend eToro

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more

Visit eToro Now

Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.

The post Expert Analyst Accumulates More Polkadot (DOT) Tokens, Predicts Incoming 4x Rally appeared first on CaptainAltcoin.