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Polkadot is testing a key resistance level on its falling wedge with high trading volume, suggesting a strong breakout.
Polkadot, the blockchain network that bridges other blockchain networks, has caught the market’s attention following a 57.5% surge in trading volume in the past 24 hours. Per CoinMarketCap, DOT was trading at $3.82, a 2.47% price increase, as of press time.
DOT’s price has been trading inside a falling wedge pattern formation for the past 4 months. Looking at the 12-hour chart, the price is consolidating and testing the $4.10 key resistance zone on its descending resistance trendline.
Technical analysis by WorldofCharts suggests that $4.8 could be Polkadot’s next target following a confirmed successful breakout above its falling wedge formation.
With the MACD level (12,26) and short-term moving averages flashing “buy”, DOT could be geared up for an uptrend rally soon. One should watch out for the coin’s buying pressure and open interest at this level while the market awaits a confirmed breakout.
