Polkadot (DOT) has confirmed a major trendline breakout on the 4-hour timeframe chart. This technical development has sparked discussions about the potential for a substantial price surge in the coming weeks.
Captain Faibik’s Bullish DOT Prediction
In a recent tweet, prominent crypto analyst Captain Faibik highlighted the importance of the trendline breakout and subsequent retest on Polkadot’s 4-hour chart. The analyst expressed a strong belief that this technical formation could lead to a 35% bullish rally in the short term.
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The confirmation of the trendline breakout is a positive sign for DOT, as it suggests that the cryptocurrency may be on the verge of a significant upward move. Technical analysts often view breakouts above key resistance levels as a bullish signal, indicating that buyers are gaining control of the market.
Changelly’s Price Forecast for May End 2024
While Captain Faibik’s prediction focuses on the short-term prospects of Polkadot, crypto experts at Changelly have provided a more long-term forecast for the cryptocurrency. Based on the price fluctuations observed at the beginning of 2024, these experts expect the average DOT rate to reach $10.02 by the end of May 2024.
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Changelly’s analysis suggests that Polkadot’s price could fluctuate between a minimum of $9.80 and a maximum of $10.24 during this period. This forecast indicates a potential upside of approximately 42% from DOT’s current trading price of $7.04.
At press time, Polkadot is trading at $7.04, having experienced a modest 0.9% increase in the past 24 hours. However, the cryptocurrency has faced some challenges over the past week, with a 1.2% decline in value during this period.
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Despite the recent pullback, the confirmation of the major trendline breakout on the 4-hour chart has injected a sense of optimism among Polkadot enthusiasts. Many believe that this technical development could serve as the catalyst to propel DOT towards the price levels predicted by Changelly’s experts.