- DOT breaks out of a falling wedge pattern and shows a bullish hammer candlestick, indicating a possible price rally.
- Open interest rises, while RSI remains neutral, supporting potential upward movement without immediate risk of pullback.
Polkadot [DOT] is currently experiencing a steady price rebound, registering consecutive weeks of gains.
Over the past two weeks, DOT has risen by 14.2%, and within the past week alone, it has seen an 11% increase. At the time of writing, the token trades at $4.90, reflecting a 2.3% rise over the last 24 hours.
This consistent upward movement in price is supported by various technical indicators suggesting that DOT could be on the verge of a more significant rally.
The $11 rally potential
Technical analysis revealed that the current price surge in DOT is linked to a breakout from a falling wedge pattern, a bullish indicator commonly seen in financial markets.
A falling wedge pattern forms…
