Polkadot News Today: Polkadot (DOT) forms triple bottom as price nears key $11.7 resistance level

Polkadot (DOT) is showing signs of a potential bullish reversal as it forms a triple bottom on its price chart, a classic technical pattern associated with a shift in market sentiment. The cryptocurrency is currently consolidating within the $3.5–$4.5 range, a price zone that has historically acted as a catalyst for sharp upward moves. Analysts point out that two previous instances of consolidation within this range were followed by strong rallies toward the $11.7 resistance level [1].

The recent price action reflects growing buying pressure and a weakening of seller control. A clean triple bottom pattern suggests that DOT may be on the verge of breaking out of its consolidation phase. If the price successfully moves above $11.7 with strong volume, it could trigger a short-term upward trajectory. According to market analysts, potential price targets following a breakout include $15 and possibly $20 within the coming weeks [1].

The $11.7 level is a key psychological and technical threshold for DOT. Historically, this level has served as a ceiling for the asset, and a decisive move above it could confirm the start of a new bullish cycle. The current market setup is drawing comparisons to past patterns that led to rapid price increases. Analysts like CryptonautX have noted on social platforms that the structure is nearly identical to previous setups that preceded major rallies [1].

In addition to technical indicators, Polkadot continues to maintain strong fundamentals. The project has shown resilience during previous market corrections, with active development and a dedicated community supporting its long-term viability. These factors contribute to a solid foundation for potential price appreciation [1].

Market participants are advised to monitor volume levels closely during the upcoming breakout attempt. Strong volume would indicate genuine buying interest, while weak volume may suggest a false signal. The broader crypto market’s improving sentiment also adds to the positive outlook for DOT, reinforcing the potential for continued gains if the breakout is confirmed [1].

Source: [1] Bitcoin just completed its fourth touch and is gearing up fo... (https://www.binance.com/en/square/post/27769379197889)