Polkadot is getting a lot of attention after breaking free from its long downward trend. Top analyst World of Charts shared on X that DOT’s price is holding steady at an important support level. If it stays strong here, we could see prices climb toward $30 in the next few months. The accompanying chart analysis sheds light on the technical patterns and key price levels that may influence the asset’s trajectory.

Looking at Polkadot’s price chart, prices kept falling throughout 2021, with each peak and valley lower than the last. But things are starting to look different now. DOT has broken out of its downward channel, and this break from the falling wedge pattern often means prices might turn around.

The chart shows DOT has pushed through a major downward trendline that was keeping prices down for a while. Breaking above this resistance is considered a key development that may set the stage for further upward momentum.

Technical analysis points to a horizontal support zone between $4.50 and $5.00. This support level has been crucial for months, stopping prices from dropping further during tough market conditions. The $9-$10 range has become a tough spot to break through, with prices pulling back a bit after testing it.

Right now, DOT’s price is testing that $9 breakout point again. Analysts suggest that maintaining this support level will be critical for DOT’s continued upward movement. A confirmed hold could pave the way for the next rally phase.

Moreover, the falling wedge formation, coupled with the breakout, has raised optimism about Polkadot’s price potential. The chart indicates a possible upward target near $30, representing a gain of approximately 320% from current levels. This target aligns with historical price data and the measured move of the wedge pattern.

The tweet from World of Charts reinforces this outlook, emphasizing the importance of the retest zone in determining DOT’s future price direction. The message reflects confidence in the potential for a bullish continuation, contingent on maintaining support near $9.00.

Read Also: Could ONDO Price Hit $2.20 Soon? Analyst Weighs In on Key Levels

Polkadot’s recent breakout and retest activity highlights a pivotal moment for the cryptocurrency. The next few weeks will be essential in determining whether DOT can sustain its bullish momentum. Traders and investors are monitoring its ability to hold key support levels, with the $30 target representing an ambitious yet attainable milestone.

World of Charts’ analysis and the observed technical patterns suggest DOT’s price may be entering a phase of recovery, provided the broader market conditions remain favorable.

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The post This Chart Analysis Suggests Polkadot Price May Be Gearing Up for a Big Move—Could DOT Rally to $30? appeared first on CaptainAltcoin.

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