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The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/price-analysis/dot-price-analysis-back-at-the-base-will-dot-price-reverse-to-reach-breakout-velocity/">DOT Price Analysis: Back At The Base, Will DOT Price Reverse To Reach Breakout Velocity?&nbsp;</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
With the declining , DOT price falls drastically to form a descending triangle pattern in the 1-day chart. The minimal YTD growth in Polkadot is a result of this triangle pattern.&nbsp; 
The solid use case and development activities, with USD Coin from Circle soon to be available on Polkadot project a bullish future.&nbsp; 
Following the consolidation between $4.98 and $5.53, the DOT price action gives a bearish breakout to test the $4.29 mark. The plunge completes the negative cycle within the triangle and brings the possibility of a bullish reversal. 
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 <img decoding="async" width="1024" height="486" src="https://image.coinpedia.org/wp-content/uploads/2023/08/24213534/image-13-1024x486.png" alt="" class="wp-image-224734" srcset="https://image.coinpedia.org/wp-content/uploads/2023/08/24213534/image-13-1024x486.png 1024w, https://image.coinpedia.org/wp-content/uploads/2023/08/24213534/image-13-300x142.png 300w, https://image.coinpedia.org/wp-content/uploads/2023/08/24213534/image-13-768x364.png 768w, https://image.coinpedia.org/wp-content/uploads/2023/08/24213534/image-13-1536x729.png 1536w, https://image.coinpedia.org/wp-content/uploads/2023/08/24213534/image-13-150x71.png 150w, https://image.coinpedia.org/wp-content/uploads/2023/08/24213534/image-13.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px"> 
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Supporting the bullish thesis, the DOT price action forms a double bottom pattern at $4.29 with strong lower price rejections. Moreover, the $4.29 support level has been critical in 2023 to provide crucial bounce backs and absorb the spike in supply inflow.&nbsp; 
Sharing a similar picture to the rest of the market, the daily RSI line displays a bullish divergence. However, the declining EMAs will prove to be an obstacle in the recovery rally.&nbsp; 
Despite a single-digit YTD growth, Polkadot sets a bullish launch to launch a moonshot. The positive cycle can rechallenge the overhead resistance trendline slightly above $5.&nbsp; 
Optimistically, if the reversal rally breaks above the triangle, the DOT price can jump to $6.30.&nbsp; 
On the flip side, a bearish breakdown of $4.29 will plunge the DOT price to $2.27.

DOT Price Analysis: Back At The Base, Will DOT Price Reverse To Reach Breakout Velocity?

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