Polkadot (DOT) Experiences 8.54% Weekly Loss Amid Bullish Breakout Prediction

The Polkadot (DOT) market experienced an 8.54% decline over the past week, erasing previous gains. Despite this downturn, analyst Ali Martinez forecasts a bullish outlook for DOT, highlighting a potential price breakout.

Polkadot's Price Breakout Potential

Martinez predicts a significant price surge due to the formation of a bull pennant on the daily trading chart. Key points include:

A bull pennant indicates strong upward movement following consolidation.
The pattern consists of a flagpole from November 2024's price uptrend, followed by a symmetrical triangle indicating temporary buyer-seller imbalances.
A breakout above the upper trendline could push DOT's price to around $17, representing a 167.29% increase from current levels.
Resistance is expected at the $10.5 zone, which previously halted DOT's rally.

Current Market Overview

Currently, DOT trades at $6.36 with a slight gain of 0.28% in the last 24 hours. Trading volume has decreased by 26.42%, totaling $142.76 million. Over the past month, DOT saw a 9.03% decline amid selling pressure.

Despite recent challenges, 87% of the DOT community remains optimistic about its long-term profitability.