Polkadot ($DOT) Nears Enormous Breakout Following Extended Accumulation

Polkadot ($DOT), a well-known blockchain network focusing on interoperability, is moving toward a noteworthy breakout. As per the data from a crypto analyst, Polkadot ($DOT) is nearing a likely imminent breakout after a prolonged phase of accumulation. The crypto enthusiast took to social media to reflect on the potential breakout of Polkadot.

Polkadot Nears Explosive Breakout after Witnessing Prolonged Accumulation

The analyst points out the strong likelihood of a breakout for Polkadot after its extended phase of accumulation. In this respect, over the past years, Polkadot has been changing hands within a narrow range while witnessing failure in breaking above the crucial resistance levels. On the other hand, its present price action highlights a likely momentum shift. Currently, $DOT is reaching a significant resistance region. The key resistance level reportedly stands 150% above $DOT’s present price. On breaking the respective level, it could enter a massive price rally.

A comprehensive overview of the technical indicators suggests a probable trend shift. Thus, if a breakout gets traction, the further resistance levels account for $11.82 as well as $24.16 respectively. These resistance points account for nearly 146% and 576% increase from the present point. Historically, the extended accumulation periods have often resulted in huge upward price trajectories. In the same vein, the present price trend of Polkadot is following the respective trend.

Continuous Bullish Momentum Could Assist $DOT Surge Past $24 and Beyond

According to Manya, while Polkadot approaches its exclusive breakout, the ETF approval in the United States has played a crucial role. This development has solidified Polkadot’s position in the market. In addition to this, institutional investors are also getting more and more interest in Polkadot. Moreover, the increasing regulatory clarity is also boosting its demand and adoption. Based on Polkadot’s ongoing bullish momentum, it could see a remarkable jump beyond the $24 mark.