KOL Justin Bennett calls for a strong breakout from DOT, that’s his goal
Popular analyst Justin Bennett said Polkadot (DOT) is preparing for a major breakout.
In one Video Newly, Bennett says that Polkadot’s price action is being compressed within a bullish continuation pattern.
“Actually, this is a falling wedge which is an inherently bullish pattern and the DOT is also in a macro uptrend. Therefore, I have reason to believe that DOT will break out of the pattern and make a higher high.”
DOT/USDT daily chart | Source: TradingView
Considering the potential targets for Polkadot, the analyst believes that the DOT is likely to surge 78% once it clears the wedge’s resistance line.
“Will the market break higher? Personally, I think the probability of an outbreak is very high. If so, I would target $32, $38, and $45.”
At the time of writing, Polkadot is trading at $24.32.
While Bennett is long-term bullish on DOT, he sees the cryptocurrency correcting significantly in the coming days before it recovers and meets its target.
“Don’t be surprised if DOT moves like this. It can check support again [$ 20], bounce off of here and then start moving higher towards $32, $38 and $45 and eventually DOT can recover towards this resistance area by the end of the year [$ 65]”.
DOT/USDT daily chart | Source: TradingView
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KOL Justin Bennett calls for a strong breakout from DOT, that’s his goal
Popular analyst Justin Bennett said Polkadot (DOT) is preparing for a major breakout.
In one Video Newly, Bennett says that Polkadot’s price action is being compressed within a bullish continuation pattern.
“Actually, this is a falling wedge which is an inherently bullish pattern and the DOT is also in a macro uptrend. Therefore, I have reason to believe that DOT will break out of the pattern and make a higher high.”
DOT/USDT daily chart | Source: TradingView
Considering the potential targets for Polkadot, the analyst believes that the DOT is likely to surge 78% once it clears the wedge’s resistance line.
“Will the market break higher? Personally, I think the probability of an outbreak is very high. If so, I would target $32, $38, and $45.”
At the time of writing, Polkadot is trading at $24.32.
While Bennett is long-term bullish on DOT, he sees the cryptocurrency correcting significantly in the coming days before it recovers and meets its target.
“Don’t be surprised if DOT moves like this. It can check support again [$ 20], bounce off of here and then start moving higher towards $32, $38 and $45 and eventually DOT can recover towards this resistance area by the end of the year [$ 65]”.
DOT/USDT daily chart | Source: TradingView
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
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