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Polkadot Price Analysis: DOT Eyes $6.50 if Support Holds
- Polkadot (DOT) is testing major support within a descending triangle near the $3.25–$3.28 range.
- A rebound from this support could target resistance levels at $3.80, $4.30, $5.40, and $6.50.
- A breakdown below $2.50–$2.80 may lead to a decline towards $2.00.
- Technical and fundamental signals, like the JAM upgrade, hint at a possible upward reversal.
- DOT's current trading volume is $205.91 million, with a market cap of $5.21 billion.
- The cryptocurrency is confirming bottom support of a descending triangle formation on the daily chart.
- The triangle's base ranges from $2.50 to $2.80, where past buying interest was seen.
- A bounce off $2.50–$2.80 support could lead to an upward trend, targeting $3.80 and beyond.
- A surge to $6.50, 150% above the current level, is the most optimistic scenario.
- Ecosystem developments like the JAM upgrade could boost sentiment and attract buyers.
- Bitcoin market trends could influence Polkadot's price in the future.
- Exiting the descending triangle's support zone may pose risks for Polkadot.
- Traders should monitor daily volume and indicators for breakout confirmation.
- A swift movement might occur due to lower time frame breakthroughs.
- The article discusses potential scenarios for Polkadot's price movement and importance of technical analysis.
- Polkadot's performance hinges on key support and resistance levels in the near term.
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