Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Polkadot (DOT) and ORDI Breakout: 100%+ Price Surge Ahead?

Polkadot (DOT) and ORDI Breakout: 100%+ Price Surge Ahead?

CoinEditionCoinEdition2024/11/17 16:00
By:Maxwell Mutuma

Polkadot’s breakout signals a potential rally, targeting $8.80–$9.00 upside. ORDI’s breakout suggests a strong upward trend, aiming for $100.00 target price. Continued momentum for DOT and ORDI relies on maintaining key support levels.

  • Polkadot’s breakout signals a potential rally, targeting $8.80–$9.00 upside.
  • ORDI’s breakout suggests a strong upward trend, aiming for $100.00 target price.
  • Continued momentum for DOT and ORDI relies on maintaining key support levels.

Polkadot (DOT) and ORDI show impressive bullish potential, according to technical analysis by Captain Faibik. Both assets broke out from descending channels, signaling possible trend reversals. These breakouts, confirmed by strong bullish momentum, suggest both tokens could rally significantly.

Polkadot (DOT) Breakout Analysis

Polkadot has seen a positive shift after breaking out from a descending channel on its 3-day timeframe. Previously, the price was moving within a bearish channel, characterized by two parallel downward sloping lines. The breakout occurred when the price closed above the upper boundary of the channel.

Polkadot (DOT) and ORDI Breakout: 100%+ Price Surge Ahead? image 0 Polkadot (DOT) and ORDI Breakout: 100%+ Price Surge Ahead? image 1 Source: X

After the breakout, consecutive bullish candles confirmed the strong buying momentum. This trend pushed DOT to key support and resistance levels, with the breakout zone around $4.15 to $4.50 now acting as crucial support. This area could be a foundation for further upward movement if retested. The lower boundary of the channel, near $3.00, remains critical long-term support.

On the resistance side, DOT is testing the $6.10 resistance level. A break above this could trigger a rally. Projections indicate a potential target of $8.80 to $9.00, with a possible upside of 103.83%.

Continued bullish momentum will depend on maintaining support around $5.50–$6.00 and avoiding a breakdown below the breakout zone. With a live price of $5.76 , Polkadot is up 2.30% in the last 24 hours, indicating growing market interest.

ORDI Shows Similar Bullish Signals

ORDI is following a similar trend to Polkadot, having broken out from a descending channel on the 3-day timeframe. The breakout from this channel marked a shift from a bearish to a potentially bullish trend. The breakout was confirmed with a strong bullish candle, showing solid buying interest and suggesting a sustained upward movement if the breakout level holds as support.

Polkadot (DOT) and ORDI Breakout: 100%+ Price Surge Ahead? image 2 Polkadot (DOT) and ORDI Breakout: 100%+ Price Surge Ahead? image 3 Source: X

Read also: Crypto Market Bloodbath: What’s Next for SOL, NOT, STRK, ORDI, and GALA?

The key support zone for ORDI is around $37.00 to $38.50. A successful retest of this area would solidify the breakout and reinforce a bullish outlook. If this support holds, ORDI could continue its ascent towards its immediate resistance near $41.50 to $44.00. A decisive break above this zone could lead to a target of $100.00, offering a 165.18% potential upside.

As at press time, ORDI is priced at $38.99 , with a slight 0.13% drop in the past 24 hours. However, the overall trend remains bullish, and a break above resistance levels would trigger substantial price movement.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

SCRTUSDT now launched for futures trading and trading bots

Bitget has launched SCRTUSDT for futures trading with a maximum leverage of 75, along with support for futures trading bots, on November 21, 2024 (UTC+8). Welcome to try futures trading via our official website (www.bitget.com) or Bitget APP. SCRTUSDT-M perpetual futures: Parameters Details Listing

Bitget Announcement2024/11/21 12:07

The results of the Solana Radar hackathon have been announced, and the decentralized currency exchange platform Reflect has won the championship

This competition brings together founders and developers from over 120 countries, dedicated to building products in areas such as infrastructure, gaming, decentralized physical infrastructure networks (DePIN), DAOs, DeFi, payments, and various consumer applications.

Chaincatcher2024/11/21 12:00

Solana Hackathon TOP 3, CAI | CharacterX will launch unrestricted AI infrastructure services

In the AI era, infrastructure is like the roads and bridges of the digital world, and what we are building is a highway leading to the infinite possibilities of AI.

Chaincatcher2024/11/21 12:00