CandleFocus Polkadot is primed for a breakout, popular crypto analyst says
2024-10-30
Author: Content Editor
Polkadot (DOT) has experienced a significant drop in price this year, falling by 65% and dropping from being a top ten cryptocurrency to the 16th largest. This underperformance can be attributed to being left behind by rival chains such as Solana and Base in terms of development and growth. However, analyst Ali Charts expects Polkadot to make a strong comeback soon, citing chart patterns. One potential catalyst for a rebound could be the implementation of a proposal called the Westend, which aims to reduce DOT's inflation and allocate funds to the treasury. Currently, Polkadot's token has been trading sideways, remaining above a key support level at $3.853. The price would need to rise above a descending trendline to confirm further upside potential.
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