Polkadot (DOT) has been navigating a descending channel since the end of May. However, recent indicators suggest a potential breakout. The Chaikin Money Flow (CMF) has entered positive territory for the first time in a month, indicating a significant surge in buy pressure and renewed investor interest. Additionally, the funding rate remains slightly positive, signaling a market preference for long positions. These factors suggest that DOT may break out of its descending channel, potentially rallying by 6% to exceed $6.3. However, failure to break out could see DOT fall to $5.2 or lower.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
