Polkadot (DOT) has seen a price increase in the daily timeframe as the crypto market soars. Some market watchers suggested the cryptocurrency is gearing up for a breakout, setting new targets for the short and mid-term timeframes.<\/p>\n
Polkadot has registered<\/a> a 10.9% increase in the last week following the market\u2019s performance. DOT jumped from the $4.32 support zone to the $4.53 mark before retracing, registering a 4.8% daily surge in the early hours of Tuesday.<\/p>\n The cryptocurrency also saw a 56% rise in market activity, recording a $259.3 million daily trading volume. This increase has made DOT retest the upper trendline of a falling wedge pattern.<\/p>\n Market analyst CryptoBull360 stated<\/a> that Polkadot is \u201cgetting ready for a massive breakout\u201d from the bullish pattern after a long consolidation period. DOT has been moving within the falling wedge for the past seven months, consolidating between $4-$4.8 since August\u2019s Black Monday.<\/p>\n The analyst noted that the token had a strong bounce from the Point of Control (PoC) value zone, surging 11% in the last three days. Today\u2019s jump saw the token break above the pattern\u2019s upper trendline, momentarily sitting above it.<\/p>\n CryptoBull360 expects a retest of March highs if the token successfully breaks out of the falling wedge<\/a>. To him, a 160% surge for the midterm is imminent, which would target the $11.46 yearly high.<\/p>\n Crypto analyst Ali Martinez suggested<\/a> that Polkadot could \u201cbe following Fantom\u2019s footsteps.\u201d Per the post, DOT\u2019s chart looks similar to Fantom\u2019s before its March performance.<\/p>\n Ahead of the Q1 rally, FTM rose two times to the upper range of its accumulation zone and retraced before its 263% bullish run toward its yearly high. If Polkadot were to follow, and its current pattern holds, DOT\u2019s price could rise to $9.7 in Q4.<\/p>\n Following the surge, the cryptocurrency would face a pullback to the $6.5-$6.7 support zone before skyrocketing to $20 by Q1 2025, a level not seen since April 2022.<\/p>\n Despite the bullish forecasts, some investors remain cautious about Polkadot. A crypto trader noted<\/a> that DOT followed Bitcoin\u2019s lead like most of the market. The cryptocurrency surged to its daily high of $4.53 as BTC retested the $67,000 resistance level.<\/p>\nIs DOT Preparing To Reclaim $20?<\/h2>\n