Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
Home»EXCHANGE NEWS»Polkadot (DOT) forms a rising wedge pattern. Bullish or bearish?
EXCHANGE NEWS

Polkadot (DOT) forms a rising wedge pattern. Bullish or bearish?

By Crypto FlexsJune 7, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Polkadot (DOT) forms a rising wedge pattern.  Bullish or bearish?
Share
Facebook Twitter LinkedIn Pinterest Email

Polkadot (DOT), a popular cryptocurrency in the blockchain space, is making waves with its innovative approach to interoperability and scalability. However, like any other financial asset, its price movements are subject to various technical analysis patterns, one of which is the rising wedge chart pattern.

A rising wedge pattern is forming on DOT’s price chart despite its recent upward trajectory. There may be a recession On the horizon. Traders and investors often watch for confirmatory signals, such as a breakout of the bottom of a wedge, to confirm the validity of a pattern and anticipate potential selling pressure.

Currently, the price of DOT is down -0.13%, trading around $7.13, and as of this writing, it has a market capitalization of over $10 billion and a trading volume of over $153 million. The previous day’s market capitalization decreased by 0.39%, but trading volume increased by 0.34%.

With the help of 100-day Simple Moving Average (SMA) and Relative Strength Index (RSI), this analysis was performed using both 4-hour and daily time frames.

An analytical perspective on the current price situation of DOT

Currently on the 4-hour chart, DOT is still trading sideways, with the top and bottom of the wedge forming momentum below the 100-day simple moving average.

The 4-hour Relative Strength Index shows that the RSI line is trending slightly below the 50% level, indicating that DOT price may fall below the bottom of the wedge. This RSI formation could suggest that if DOT falls below the wedge, it will begin a downward move towards the nearest major support level.

Meanwhile, on the 1-day chart, the price of DOT is trending within the wedge, but close to the lower base. The 1-day RSI also suggests that DOT may be on the decline as the RSI line attempts to cross below the 50% level. In this RSI formation, investors should be careful to take a break below the wedge before taking a sell position.

dot

Potential price action on breakout

Currently, the price of the cryptocurrency asset is still moving within the wedge, and DOT will likely start falling towards the $4.8 support level if a breakout occurs below the wedge. If the price falls below the aforementioned level, it may fall further to test the $3.5 support level.

On the other hand, if the price changes direction and breaks above the upper base of the wedge, it will start to rise towards the $9.8 resistance level. A break above this level will likely push Polkadot higher to test the $11.9 resistance level. Additionally, DOT could see a stronger upside for more testing. considerable level If it closes above $11.9.

dot
DOT trading $7.243 on 1D chart | Source: DOTUSDT on Tradingview.com

Featured image from Adobe Stock, chart from Tradingview.com

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Hyperliquid’s USDH Stablecoin is broadcast live at an early transaction volume of $ 2M or more.

September 24, 2025

The fullback of $ 16 of the chain link (link) can set a parabolic price rally.

September 18, 2025

Cardano (ADA) Signal Recovery -Is there a strong rise?

September 15, 2025
Add A Comment

Comments are closed.

Recent Posts

Futuromining Reaches $5,700 Daily Income Milestone For XRP Users

September 26, 2025

CoinFerenceX 2025 Unites Global Web3 Innovators In Singapore On September 29

September 26, 2025

Pepeto Highlights $6.8M Presale Amid Ethereum’s Price Moves And Opportunities

September 26, 2025

LYS Labs Moves Beyond Data And Aims To Become The Operating System For Automated Global Finance

September 26, 2025

Dexari Unveils $1M Cash Prize Trading Competition

September 26, 2025

How to solve the XPL perp defect

September 26, 2025

Detect the full execution bug with the induction pursing of Wake

September 25, 2025

KuCoin Appeals FINTRAC Decision, Reaffirms Commitment To Compliance

September 25, 2025

Phemex Revamps Blog To Deliver Deeper Insights And Enhanced Reader Experience

September 25, 2025

T-REX Launches Intelligence Layer To Fix Web3’s Value Distribution Problem

September 25, 2025

Are you doing a fair deal?

September 25, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Futuromining Reaches $5,700 Daily Income Milestone For XRP Users

September 26, 2025

CoinFerenceX 2025 Unites Global Web3 Innovators In Singapore On September 29

September 26, 2025

Pepeto Highlights $6.8M Presale Amid Ethereum’s Price Moves And Opportunities

September 26, 2025
Most Popular

Trump’s World Liberty Financial

April 14, 2025

Valor Launches First DOGE ETP

November 27, 2024

Battle of the Titans Ethereum ETF Holds $4,000

December 8, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.