Polkadot (DOT), the self-proclaimed “King of Interoperability” and once a darling of 2021’s bull run, is currently trading around $6.42, a far cry from its November 2021 peak of nearly $60. A flicker of optimism about DOT remains despite the general bearish outlook, as technical analysis points to a potential price turnaround in the horizon. Related Reading: Ethereum Longs Crushed! Who Got Burned In The $62 Million Fire Sale? Falling Wedge Hints At Bullish Breakout Technical analysts are a breed known for their fascination with squiggly lines and cryptic patterns. However, for some Polkadot investors, these lines might hold the key to future gains. Enter the “falling wedge,” a bullish reversal pattern identified by prominent analyst WorldOfCharts on DOT’s 12-hour timeframe. $Dot Forming Falling Wedge Incase Of Successful Breakout Expecting Move Towards 11-12$ In Coming Days #crypto #Dot #Polkadot pic.twitter.com/VymXK89QN0 — World Of Charts (@WorldOfCharts1) June 12, 2024 This pattern, characterized by converging downward trend lines, suggests a weakening of the downward momentum, potentially leading to a price surge upwards. The point of convergence for these lines acts as a crit ..
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