Polkadot Price wore in the past few days with the improvement of the encryption market. After the bottom at $ 3.24 earlier this month, the distinctive symbol jumped with more than 27 % to the current $ 4.10. This article explores the reason for the technicians and the basics alignment, and why the currency may jump with double or triple numbers in the coming months.
The weekly analysis of Polkadot price indicates more gains
The above weekly graph highlights an important development, as the currency failed to decrease the main support level at $ 3. He remained above this level at least four times since 2023. Even when the world was “falling” in the encryption market, he remained above this level.
This is a sign that the price of DOT has formed a pattern at the bottom of the quadruple, which is a very common thunderbolt mark located the neck line at $ 11.70. Therefore, there is a possibility that the distinctive symbol will eventually wear in the coming weeks.
If this happens, the next Polkadot price that must be seen will be this neckline, which is about 190 % higher than the current level. This supply will be invalid if the currency decreases to less than the main support of $ 3.2.
Sufficed point price is a decrease on the daily chart
The daily graph draws a clearer image of the point. As shown below, the currency formed a double giant style, with the neckline at $ 11.65. This dual -bottom level is about $ 3.6.
At the same time, the wedge style formed a giant drop, which consists of two fractured trend lines. This style often leads to more bullish direction when the two lines are near their meeting.
In addition, the currency formed the spacing pattern ascending. This pattern occurs when the oscillator begins such as the RSI and Stochastic oscillator at the height when the original is a drop direction.
The DOT price has also moved a little higher than the weak Murrey Math Point tool. Therefore, the short -term expectations of the DOT price are the place where it maintains the height as the bulls target the main resistance point at $ 6.67, which is the level of recovery by 38.2 %.
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The best incentives for Polkadot
Polkadot has many stimuli that may raise their price sharply in the coming months. First, the symbol will benefit from the continuous recovery market now after Bitcoin has appeared as a safe origin of the haven. The strong bitcoin gathering to the high record will pay its price much higher in the coming months.
Second, the polkadot network develops by upgrading Polkadot 2.0. This is a decisive process of three steps designed to improving network functions permanently. For example, the Coretime Agile upgrade made it possible for developers to build applications without the need for a long process of umbrella auctions.
Polkadot 2.0 also included simultaneous support and flexible expansion. Decoync Support Decoubles Parachain Block production block from the latest series of sequences, which leads to faster speeds. The next flexible expansion of umbrellas allows more effective expansion.
Moreover, there is a possibility that the Securities and Stock Exchange Committee (SEC) will agree on a point later this year. Although its ultimate flows will be weak, approval will be a positive thing because it will create the noise around the network.
The DOT price will also benefit from the interest rates in the next Federal Reserve now after the US economy slows down. The International Monetary Fund (IMF) has reduced the classification of US economic expectations for this year to 1.8 %. This would be a significant decrease in the 2.45 growth rate in 2024.
Read more: Polkadot prices: Here is the reason that DOT may rise by 500 % soon
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