The trendline breakout rally in the DOT prices remains trapped within a rising wedge keeping the bullish growth in check. Key Technical Points: The Polkadot (DOT) price jumped 17% last week to break above the 100-day SMA. The bullish candle formed overnight challenges the resistance trendline of the rising wedge pattern. With a market cap of $10.22 billion, the intraday trading volume of Polkadot has increased by 128% over the last 24 hours to reach $796 million. Past Performance of DOT As predicted in our previous analysis, the DOT prices continue to rise with the trendline breakout rally and exceed the 100-day SMA. The price action shows a rising wedge pattern forming in the daily chart keeping bullish in check. Moreover, the recent bull cycle closes a bullish engulfing candlestick close to the resistance trendline teasing a potential breakout. Source – Tradingview DOT Technical Analysis Currently, the DOT price action displays a bullish candle formation last night with a 7.28% jump with a spike in the intraday trading volume. However, the growing bearish influence over the present daily candle teases a bearish turnaround. As the Polkadot market price sustains above the 100-day average price, the increased bullish influence results in a bullish reversal in the 50-day SMA. Hence, a potential bearish fallout rally can take support at the 50-day SMA. The daily-RSI slope maintains a positive trend in the nearly overbought zone t...
