Polkadot Breaks Out of Consolidation Phase as Bullish Momentum Grows
Polkadot (DOT) is experiencing bullish momentum, as noted by analyst CryptonautX. Key points include:
- DOT has broken out of a consolidation phase with a strong upward push.
- This breakout indicates renewed market confidence and attempts to overcome previous resistance levels.
- Technical indicators show a series of higher lows and robust daily candle formations, suggesting increasing buying pressure.
- Polkadot is retesting critical zones that could lead to further bullish action if key levels hold or break above.
- Increased volume and buyer conviction at rejection zones signal a shift in sentiment favoring bulls.
- If current momentum persists, DOT may enter an accumulation phase followed by significant expansion.
- Growing developer activity within the Polkadot ecosystem supports this bullish outlook.
Currently, DOT is trading at $3.62, with a market capitalization over $5.8 billion and a 24-hour trading volume exceeding $185.4 million. The price has increased by 1.82% in this period.
