Polkadot Holds $3.81 as Symmetrical Triangle Narrows Between $3.79 and $3.89

News

  • Polkadot trades at $3.81 with support at $3.79 and resistance capped at $3.89.
  • A symmetrical triangle has formed, with potential targets at $6.49 or $1.16.
  • Price compression since April reflects reduced volatility and a narrowing trading range.

Polkadot (DOT) has entered a narrowing price structure on the daily timeframe, where a potential symmetrical triangle is now visible. The cryptocurrency is trading at $3.81 having gained 1.8 percent in the last 24 hours. 

The level follows a few weeks of compression between the resistance and support zones and market participants eagerly await the next definitive movement.The pattern remains tightly bound, showing converging trendlines that have gradually limited DOT’s trading range.

DOT Consolidates Within Symmetrical Triangle as Market Awaits Breakout Direction

DOT is trading between two critical levels. Support rests at $3.79, while resistance stands slightly higher at $3.89. This narrow zone reflects a tightening battle between buying and selling activity. Notably, the current daily chart shows that volatility has contracted, allowing the symmetrical triangle to take shape more clearly. Each movement has stayed within the pattern’s converging boundaries, confirming its development over recent months.

https://twitter.com/TheMoonCarl/status/1964203380810657880

The chart highlights the symmetrical triangle, with lower highs and higher lows forming its structure. This indicates that price action is compressing within the boundaries of two drawn trendlines. On the upside, the measured target from the formation extends to $6.49, which represents a 67.76% range from the current level. 

Conversely, a downward break would point toward $1.16, a level representing a 67.25% decline. These projections reflect the potential magnitude of the triangle’s breakout rather than directional certainty.

Technical Context and Market Levels

The current trading range has developed since early April, with price oscillating inside the gradually contracting structure. Notably, market participants are now observing whether DOT can hold its support level at $3.79. 

If resistance at $3.89 continues to restrict advances, the symmetrical triangle could persist until the structure is forced to resolve. In addition, daily volume trends remain moderate, further supporting the tightening range observed on the chart. The outcome will likely depend on whether buyers or sellers can establish dominance as the apex approaches.

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