- Polkadot consolidating in a falling wedge suggests a potential bounce back as it stabilizes within key trendlines.
- FET breakout from a descending channel indicates strong bullish momentum, with potential for further gains.
- DOT faces resistance at upper trendlines, while FET could find support at previous resistance levels if retracement occurs.
Polkadot (DOT) and Artificial Superintelligence Alliance (FET) have shown significant price movements worth analyzing. Based on their current chart patterns and historical performance, both assets reveal the potential for future movements.
Captain Faibik’s analysis suggests that Polkadot is consolidating within a falling wedge pattern on the daily chart, which often indicates a possible reversal. This pattern is characterized by a downtrend with lower highs and lower lows. The price has shown signs of stabilizing and may be ready for a bounce back.
The upper trendline of this wedge, ranging from $5.80 to $6.00, has consistently acted as a strong resistance level. Despite several attempts, the price has struggled to break above this barrier. Additionally, there is a horizontal resistance around $7.00 to $7.50, a previous support level before it turned into resistance.
On the support side, the lower trendline, currently between $4.00 and $4.20, has proven to be a solid support level, as indicated by recent price bounces. If this support level fails, the next significant level to watch would be around $3.60, reflecting previous lows seen during earlier downtrends. As of press time, DOT is trading at $4.54, with a recent 1.89% increase over the past 24 hours.
Polkadot (DOT) Eyes $9.20, Floki (FLOKI) Targets 64.93% Surge: What’s Next?Further analysis by World Of Charts indicates that FET has recently experienced a breakout from a descending channel, suggesting a potential trend reversal. Following this breakout, the price has surged significantly, indicating strong bullish momentum.
This pattern often precedes further gains, but monitoring key levels can help gauge future movements. The most recent high at $3.50 could be a major resistance if approached again. Another resistance zone lies between $2.90 and $3.00, where the price has recently paused.
The price might support around $2.10 to $2.50, which aligns with previous resistance levels before the breakout. Additionally, the range between $1.30 and $1.40, where consolidation occurred before the breakout, could provide strong support in case of a deeper retracement.
If revisited, the upper trendline of the previously broken channel, approximately $1.20, may also act as support. At publication, FET is trading at $0.88, reflecting an 8.00% increase in the last 24 hours.
