A Crypto Trader Analyzes the Altcoin Market and Polkadot (DOT)
A popular crypto analyst has turned their attention to the altcoin markets, with a specific focus on the interoperability blockchain Polkadot (DOT).
The trader explains that the overall altcoin market cap is approaching a level last seen in August 2022, which they consider to be a significant historic retest.
When it comes to Polkadot, the analyst notes that the platform is also going through a retest of its own. They believe that Polkadot is in the process of confirming a breakout by retesting the top of its macro market structure.
In their latest Altcoin Newsletter, the trader delves deeper into Polkadot’s price action. They highlight that DOT has already started breaking a downward trend by overcoming Falling Wedge resistance.
To confirm a bullish sentiment, the trader emphasizes that Polkadot needs to achieve a monthly close above the falling wedge. They explain that the ongoing weekly retesting is crucial for securing a monthly close above the pattern top.
The trader concludes that Polkadot is gradually positioning itself for a macro uptrend.
Hot Take: Polkadot (DOT) Poised for a Breakout as Altcoin Market Retests
According to a well-known crypto analyst, the altcoin market is approaching a significant historic retest, while Polkadot (DOT) is in the process of confirming a breakout. The analyst highlights that DOT has already started breaking its downward trend by overcoming Falling Wedge resistance. They believe that achieving a monthly close above the falling wedge is crucial for bullish sentiment. The ongoing weekly retesting is seen as necessary to secure a monthly close above the pattern top. Overall, the analyst suggests that Polkadot is preparing itself for a macro uptrend. At the time of writing, DOT is valued at $5.27, showing a 2.4% increase for the day.
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