Polkadot Zooms 7.63% After the Breakout from Bullish Flag Pattern

  • On the 12-hours chart pattern, Polkadot gives a positive breakout from the bullish flag pattern and hedging towards the target of $5.47 & $6.62
  • The pair of DOT/USD simultaneously gains +4.74% stands at 0.00028516 BTC  
11 1
Source: Tradingview

The monthly chart of Polkadot (DOT) gave a positive breakout from the descending triangle pattern and made the rising triangle pattern over the last month’s chart with the rising support line a bullish pattern. DOT gave a successful breakout after attempting multiple times, this time heading for a new target of $5.47 and $6.62 in the coming trading sessions. 

22 1
Source: Tradingview

The resistance on the higher side is placed at fib 0.618 ($4.82) and fib 0.786 ($5.13); however, on the downside, the support levels are at fib 0.382 ($4.40) and fib 0.236 ($4.13). The coin is trading at $4.76 with an intraday gain of 7.63% supported by the volume of $547,395,093, whereas the market capitalization stands at $4,161,947,746.

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Source: Tradingview
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On the weekly chart, it forms the bullish pattern and gives a positive breakout from the descending triangle pattern and is still in the uptrend heading for higher levels forming an ascending triangle pattern. Another positive breakout from the ascending triangle pattern will help the price levels of DOT to retest its higher levels around $14.00.

Source: Tradingview

On analyzing, the monthly chart still has the tendency for an upside of 119.55% ($5.34) and 229.4 ($10.24) in the coming trading sessions. The investor on Polkot is advised at continuing their position for the coming long term target of $9.95 and $14.70. 

Target on the upside: $9.95 and $14.70.

Support: $4.40 & $4.13

Resistance: $4.82 & $5.13.

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Krystian Bielanskihttp://www.thecoinrepublic.com
Krystian is a crypto trader and investor with a background in IT based in Hong Kong. He specialises in technical and fundamental analysis working closely with chartist and algo programmers.

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