📊 Technical Analysis (1H Chart):
The 1-hour chart of DOT/USD on Kraken shows a promising setup. After a prolonged downtrend within a descending channel, DOT has broken above the upper resistance trendline, signaling a potential trend reversal. The price is currently testing the $3.6946 level, with a key support zone around $3.6716 (recent low). If this support holds, we could see a push toward the next resistance at $5.252 (previous high), as indicated by the green target zone. However, a failure to hold $3.6716 might lead to a retest of the $3.500 support (red zone). Volume is increasing, supporting the breakout momentum.
🌐 Fundamental Update:
Polkadot’s network has been making strides with recent upgrades, including the rollout of Asynchronous Backing, which significantly boosts transaction throughput and scalability. This update strengthens Polkadot’s position as a leading layer-0 protocol for cross-chain interoperability. Additionally, rumors of a potential Polkadot ETF application have been circulating, following the success of Bitcoin and Ethereum ETFs. If approved, this could bring substantial institutional interest and capital inflow to DOT, further driving its price.
📈 Conclusion:
With a technical breakout in play and strong fundamentals from network upgrades and ETF speculation, DOT looks poised for a bullish move. Keep an eye on the $3.6716 support for confirmation of the uptrend. What are your thoughts on DOT’s next move? Let’s discuss! 👇
#Polkadot #DOT #CryptoAnalysis #Trading #ETF
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.