Polkadot (DOT) is showing a bullish pennant on its daily chart, indicating a potential breakout to $17. However, the current market conditions present challenges for the breakout. In the past 24 hours, DOT has been trading sideways, and the trading volume has decreased, suggesting diminishing investor interest. Although the pennant pattern is favorable for bull traders, Polkadot must break through the 0.618 Fibonacci retracement level at $7.16 to confirm the breakout. If successful, the price could rally towards $10.68 and reach the $17 target predicted by analysts. However, if the lower boundary of the triangle pattern is broken, larger declines could occur. The Money Flow Index is slightly above oversold territory but shows caution, indicating that seller dominance could push prices lower.



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