Polkadot Breaking Out Of Downward Consolidation, Will DOT Price Hit $25 This Weekend?

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The price of Polkadot underwent a monstrous rally and rose above $50 in a very short time. The asset continued to fall over time, falling below $20 to reach the level of about $15. As more speculation about the price sliding towards $10 spread in the market, the DOT price caused a strong reversal reaching high above $20 for the past 10 days. And that’s why a decent rally can be ignited at any time during the weekend.

The bullish breakout of the bearish triangle was set up as the asset crossed the USD 20 resistance. Undoubtedly, the breakthrough is still awaited, but the formation of multiple higher highs indicates a trend reversal that could push the price towards the USD 25 levels. Currently, the short term momentum is quite bullish, while it is neutral in the medium and long term. And therefore, one can expect a significant uptrend in the STF which may cause a similar trend in the HTF.

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The DOT price since the start of monthly trading has maintained a significant bullish parallel channel. Despite a few pullbacks, the price maintained the lower support and bounced back efficiently. In addition, the price has made a solid jump from the mid-levels, showing its extreme bullish momentum going forward. Therefore, a breakout from the channel is expected anytime over the next weekend. In addition, the buyers’ demand is slowly outpacing the seller’s supply. And this could create buying pressure that could raise the Polkadot price soon.

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