Polkadot (DOT) and Pyth Network (PYTH) have recently demonstrated significant bullish potential with confirmed breakouts from falling wedge patterns, according to analyst Captain Faibik. These technical patterns suggest notable upside movements, sparking interest among traders and investors.
The Polkadot price chart has illustrated a clear falling wedge pattern, characterized by converging trendlines sloping downward. Throughout this pattern, the price has consistently made lower highs and lower lows.
A pivotal breakout occurred when DOT closed above the upper trendline of the wedge, marked by a significant bullish candlestick. This breakout indicates strong buying pressure and potential for further gains.
Polkadot (DOT) Emerges as an Undervalued Blockchain Powerhouse, Says AnalystThe projected target for Polkadot is approximately $11, based on the height of the wedge. As per data from CoinGecko, the price of DOT was trading at $6.47. This represents a substantial upside potential from current levels. Key support levels are identified around $5.4 to $6.00, which will act as initial support in case of pullbacks. Additionally, previous lows within the wedge could serve as further support.
Similarly, the Pyth Network price chart reveals a falling wedge pattern, with the price consistently making lower highs and lower lows. The breakout confirmed by a bullish candlestick suggests a shift in market sentiment toward buying.
The target projection for Pyth Network indicates an approximate price of $0.72, representing a significant upside of about 130%. Support levels are identified around $0.26, with previous lows within the wedge offering additional support.
During reporting, the price of Pyth Network stands at $0.3191, with a 24-hour trading volume of $43,389,289. This marks a 3.86% price increase over the last 24 hours and a 14.26% increase over the past week. With a circulating supply of 3.6 billion PYTH, Pyth Network’s market cap is valued at $1,158,378,498.
