Polkadot (DOT) Forms Rising Wedge Pattern, Bullish Or Bearish?

Polkadot (DOT) Forms Rising Wedge Pattern, Bullish Or Bearish?


Polkadot (DOT), a popular cryptocurrency in the blockchain space, has been making waves with its innovative approach to interoperability and scalability. However, like any financial asset, its price movement is subject to various technical analysis patterns, one of which is the rising wedge chart pattern.

The formation of a rising wedge pattern on DOT’s price chart suggests that despite its recent upward trajectory, there could be a downturn on the horizon. Traders and investors often watch for confirmation signals such as a break below the lower base of the wedge to confirm the pattern’s validity and anticipate potential selling pressure.

Currently, the price of DOT is down by -0.13%, trading at about $7.13, with a market capitalization of over $10 billion and a trading volume

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