News

November 25, 2023

Polkadot's Breakout Potential: A Key Analysis by Rekt Capital

Ethan Lim
Written byEthan LimWriter
Researched byNikos PapadopoulosResearcher

A widely followed crypto analyst, Rekt Capital, is delving into the altcoin markets, with a particular focus on the interoperability blockchain Polkadot (DOT). Rekt Capital notes that the overall market for altcoins is approaching a market cap last seen around August 2022, which is a significant milestone.

Polkadot's Breakout Potential: A Key Analysis by Rekt Capital

Polkadot's Retest and Breakout Potential

Rekt Capital highlights that Polkadot is currently undergoing a retest of its macro market structure. This retest is crucial for confirming a breakout in the platform. The trader emphasizes that Polkadot is in the process of breaking its Falling Wedge resistance, and a monthly close above this pattern is necessary for bullish sentiment.

The Importance of Weekly Retesting

Rekt Capital explains that the ongoing weekly retesting is essential for Polkadot to secure a monthly close above the pattern top. Although a dip into the same area in December is still possible, it would be part of a monthly retest, ultimately confirming the breakout. This gradual preparation indicates that Polkadot is positioning itself for a macro uptrend.

Current Status of Polkadot

At the time of writing, Polkadot (DOT) is valued at $5.27, reflecting a 2.4% increase for the day.

Conclusion

Rekt Capital's analysis sheds light on the altcoin market's overall performance and specifically focuses on Polkadot's breakout potential. The ongoing retest and the importance of a monthly close above the Falling Wedge resistance indicate a positive outlook for Polkadot. Investors and traders should closely monitor these developments as they may present opportunities for high returns.

About the author
Ethan Lim
Ethan Lim
About

Ethan Lim, a native of the Lion City, is Singapore’s rising star in the domain of online casino guide localization. He masterfully blends his intimate knowledge of local culture with international gaming standards to produce content that resonates deeply with Singaporeans.

Send mail
More posts by Ethan Lim

Latest news

Shibarium: Thriving Community, Impressive Growth, and Increased SHIB Burn Rate
2024-02-16

Shibarium: Thriving Community, Impressive Growth, and Increased SHIB Burn Rate

News