bullish

Elite

Polkadot

Captain

Reversal

<p>Crypto analyst Captain Faibik has identified a bullish falling wedge breakout pattern for <a href="https://captainaltcoin.com/analyst-predicts-polkadot-dot-price-rise-to-11-heres-the-outlook/" target="_blank" rel="noopener noreferrer nofollow">Polkadot (DOT)</a> on the weekly timeframe chart. The analyst shared his outlook via X, setting a midterm price target of $40 for the blockchain platform’s native token, which would represent a 509% rise.</p>
<h2 class="wp-block-heading" id="strong-technical-pattern-points-to-strong-reversal-strong"><strong>Technical Pattern Points to Strong Reversal</strong></h2>
<p>The weekly chart analysis reveals a clear falling wedge formation, a pattern that often signals the end of downward price movement. DOT’s price has broken above the upper trendline of this wedge pattern with notable momentum.&nbsp;</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24DOT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$DOT</a> Ready to FLY.. <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f680.png" alt="🚀" class="wp-smiley" style="height: 1em; max-height: 1em;"><br><br> Falling Wedge Breakout on the Weekly timeframe Chart..<br><br>Midterm Target : 40$<a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Crypto</a> <a href="https://twitter.com/hashtag/Polkadot?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Polkadot</a> <a href="https://twitter.com/hashtag/DOT?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#DOT</a> <a href="https://twitter.com/hashtag/DOTUSDT?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#DOTUSDT</a> <a href="https://t.co/lQs8U1hJZL" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/lQs8U1hJZL</a></p>— Captain Faibik <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f43a.png" alt="🐺" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@CryptoFaibik) <a href="https://twitter.com/CryptoFaibik/status/1861650728751669617?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">November 27, 2024</a>
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<p>The breakout level near $8 marks a potential turning point for the asset’s price trajectory.</p>
<p>The lower boundary of the wedge continues to act as strong support in the $5-$6 range. This price zone served as a foundation before the upward move began. Technical indicators suggest the previous resistance trendline could transform into a new support level.</p>
<h2 class="wp-block-heading" id="strong-volume-and-support-levels-shape-trading-outlook-strong"><strong>Volume and Support Levels Shape Trading Outlook</strong></h2>
<p>The analysis shows multiple support zones emerging after the wedge breakout.&nbsp;</p>
<p>The $6-$7 price range stands as a key level for maintaining upward movement. Trading volumes during the breakout phase align with historical patterns seen in previous bull runs.</p>
<p>The price action demonstrates a shift from the prolonged downtrend contained within the wedge structure. Chart patterns on the weekly timeframe indicate <a href="https://ambcrypto.com/polkadot-slides-below-10-why-are-bears-targeting-7-09/" target="_blank" rel="noopener noreferrer nofollow">sustained buying pressure</a>. The market structure suggests immediate resistance levels between $10-$12.</p>
<p><strong><em>Read also: </em></strong><a href="https://captainaltcoin.com/fantom-ftm-price-pumps-theres-a-lot-to-like-says-elite-crypto-analyst/" target="_blank" rel="noopener noreferrer nofollow"><strong><em>Fantom (FTM) Price Pumps: ‘There’s a Lot to Like,’ Says Elite Crypto Analyst</em></strong></a></p>
<h2 class="wp-block-heading" id="strong-market-context-and-historical-performance-strong"><strong>Market Context and Historical Performance</strong></h2>
<p>DOT’s previous price history shows that the $40 target aligns with resistance levels from the 2021 bull market cycle. The weekly timeframe analysis carries extra weight as it often reflects longer-term market sentiment and institutional trading patterns.</p>
<p>Captain Faibik’s analysis focuses on pure technical factors without incorporating broader market conditions. The chart pattern completion suggests a possible trend reversal, while historical <a href="https://coinmarketcap.com/currencies/polkadot-new/" target="_blank" rel="noopener noreferrer nofollow">price data</a> provides context for the projected upward move.</p>
<p><em><strong>Follow us on&nbsp;<a href="https://x.com/CaptainAltcoin_" target="_blank" rel="noopener noreferrer nofollow">X (Twitter)</a>,&nbsp;<a href="https://coinmarketcap.com/community/profile/CaptainAltcoin/" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap&nbsp;</a>and&nbsp;<a href="https://www.binance.com/en/square/profile/captainaltcoin" target="_blank" rel="noopener noreferrer nofollow">Binance Square</a>&nbsp;for more daily crypto updates.<br>Get all our future calls by joining our&nbsp;<a href="https://t.me/captainaltcoincom" target="_blank" rel="noopener noreferrer nofollow">FREE Telegram group.</a></strong></em></p>
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<p>The post <a href="https://captainaltcoin.com/analyst-sets-his-midterm-polkadot-dot-price-target-at-40-heres-why/" rel="noopener noreferrer nofollow">Analyst Sets His Midterm Polkadot (DOT) Price Target at $40 – Here’s Why</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Analyst Sets His Midterm Polkadot (DOT) Price Target at $40 – Here’s Why

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