Polkadot (DOT) is showing signs of following a price pattern similar to Fantom (FTM), according to analyst Ali Martinez on X. This pattern, if it holds, could see Polkadot undergoing a series of significant price movements, potentially leading to a breakout in the near future.
#Polkadot could be following in #Fantom‘s footsteps! If the pattern holds, $DOT could rise to $9.7, pull back to $6.7, and then break out to $20! pic.twitter.com/barEW1e3Tq
— Ali (@ali_charts) October 15, 2024
Notably, this prediction follows Fantom’s past price behavior, which saw a substantial rise before a retracement. Polkadot may now be on a similar path, with key resistance levels and profit-taking opportunities on the horizon.
Polkadot Price Target at $9.7
Martinez’s analysis suggests that Polkadot could first climb through the resistance level, mirroring Fantom’s earlier movements. Fantom’s historical chart revealed a horizontal support-resistance structure, where prices traded above the resistance level before breaking out.
If this scenario plays out for Polkadot, the $9.7 mark will serve as a significant resistance point. This could potentially trigger profit-taking or selling pressure among traders. The first upward movement could be followed by a pullback, aligning with a pattern similar to what Fantom experienced.
Polkadot (DOT) Targets $13.95 Amid Bullish Breakout Signals
Expected Pullback to $6.7
Once Polkadot reaches the projected $9.7 target, the analysis indicates a likely retracement to $6.7. This pullback is forecasted to occur as traders react to the initial resistance and take profits. However, much like Fantom’s previous price action, this temporary retracement might only be a short-lived correction.
Such pullbacks often serve as consolidation periods before another upward movement. The retracement phase will be crucial for Polkadot’s price trajectory, as it could provide traders with entry opportunities ahead of a further rally.
Potential Breakout Toward $20
After retracing to $6.7, the next forecast ahead is for a further upswing to $20.00. Such a surge to this level would mimic what was seen on Fantom, where the asset jumped to $1.2 followed by a period of consolidation. If Polkadot follows the same progression, it might create a new higher trading range, supporting the appeal of its enhancing upward trend.
During this press, Polkadot was priced at $4.45, with a 4.23% increase in the last 24 hours and a 7.77% rise in the past week. The 24-hour trading volume was $190,148,008. The coming price movements will be critical in determining whether Polkadot follows the same bullish path previously charted by Fantom.
