DOT/USDT Technical Analysis – Potential Breakout Ahead

🔹 Asset: Polkadot (DOT/USDT)
🔹 Timeframe: 1D (Daily)
🔹 Exchange: Bybit

📊 Market Overview:
DOT/USDT has been trading within a well-defined descending parallel channel, indicating a prolonged downtrend. However, recent price action suggests a potential trend reversal fueled by bullish signals.

📈 Key Technical Factors:
✅ Break of Structure (BOS): The price has started to break key structural levels, signaling an early shift in momentum.
✅ Strong Hammer Candle Formation: A bullish hammer appeared at the lower boundary of the channel, indicating buying pressure and potential bottoming out.
✅ Mini & Major Change of Character (ChoCH): A breakout above the mini ChoCH ($6.00) would confirm an early bullish reversal, while a move above the major ChoCH ($7.00) would solidify the bullish trend.

🎯 Potential Trade Setup:
Bullish Scenario: If DOT/USDT breaks out of the descending channel and successfully flips resistance into support (~$6.00), it could push towards $7.00 - $9.00 in the coming weeks.
Bearish Scenario: If the price fails to break out and gets rejected at resistance, we may see a retest of the lower levels (~$4.00 - $4.50) before a stronger move.
🔥 Conclusion:
DOT/USDT is showing promising signs of a trend reversal, but confirmation is needed above key levels. Watch for breakout confirmation and volume surge to support the bullish momentum.

🔔 Stay updated & manage risk accordingly! 🚀

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