Today, Crypto Tony, a cryptocurrency trader and analyst, tweeted that a distinct descending triangle pattern had formed on the purchasing and selling charts for Polkadot (DOT). As a result, the dealer asserted “that a” break beneath the sample’s base may also be a great quick option.
However, the dealer added that a bounce from the sample at the bottom of the chart might indicate an extended alternative. He predicted that given the circumstances, DOT’s worth might become as exorbitant as the damaging development line.
Technically speaking, DOT’s value had been consolidating between $4.160 and $4.345 for the preceding week and was still consolidating at the time of publication. Additionally, the 9-day EMA line around $4.295 was acting as resistance for the price of the cryptocurrency.
In the next 24 to 48 hours, if DOT is able to close a daily candle above the 9 EMA line on its daily chart, it may continue to climb and turn the resistance level at $4.345 into support within a few days. After that, the altcoin can increase on a clear route to the next important value milestone at $4.625, which also coincided with the 50-day EMA line.
The crucial support level around $4.160 may need to be retested, though, if the 9-day EMA line behaves as resistance for the price of DOT. The descending triangle sample that Crypto Tony had highlighted in his tweet can have this mark across the base of it.
At the time of publication, CoinMarketCap revealed that DOT‘s price was changing hands at $4.26. This came after it saw a little 24-hour value decline of 0.52%. However, the cryptocurrency’s weekly performance, which was +0.43%, stayed in the negative territory.
