Polkadot (DOT) experiences a price rebound driven by technical breakouts, suggesting potential bullish momentum and further 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.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.
Although the token remains below the $5 mark, the technical implications of the breakout point towards the potential of DOT climbing to prices above $11 to validate this pattern fully. In technical analysis, a hammer pattern is a reversal indicator characterized by a small body and a long lower shadow, signifying that buyers pushed the price back up after a period of downward pressure.This is generally interpreted as a positive sign for potential price increases.
A rise in Open Interest combined with a drop in volume may imply that while more derivative positions are being established, the intensity of trading is cooling down, potentially reflecting cautious investor sentiment.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Property of the Week: The $11 Million Burns Residence in Upper Mount RoyalThis luxurious home blends preserved details with modern features like a designer lap pool, a putting green, a billiards room and more.
Read more »
AVAX alert: Why a drop to $11 could be near as whales exit the marketAnalyzing AVAX potential drop to $11 amid withdrawals by whales and retail investors, with insights from AMBCrypto on bearish trends and possible bullish reversals.
Read more »
Travel industry to contribute record US$11-trillion to global GDP in 2024, report saysThe travel and tourism industry’s contribution to global gross domestic product is expected to reach new heights as consumers increasingly see travel as an essential part of their budgets
Read more »
Ultra-modern $11 million Toronto home is like living in a hotelBack in 2022, 91 Valecrest Dr. in Toronto was listed for $8,499,000 as a build-your-own dream home. The listing featured a brochure of what the ho...
Read more »
Gorgeous $11 million London-inspired Toronto townhouse has wine cellar under the stairsLondon townhouses are the epitome of chic, but living in South Kensington or Chelsea isn't always part of the life plan, if it's even in the budget. …
Read more »
Palatial $11 million Ontario home comes equipped with car elevator and theatreThe only thing most people know about Kleinburg is that the McMichael Canadian Art Collection is there. While it is a wonderful art gallery, what so…
Read more »