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Polkadot has recently witnessed a surge in demand, leading to a price uptick that has breached its previous swing high and broken through a multi-month descending trendline. The price is now approaching the upper boundary of its consolidation range and is on the brink of surpassing it.
Now, the price is approaching the upper boundary of this long-standing range and is on the verge of breaking above it. This critical range is bounded by the 0.5 and the 0.618 Fibonacci levels. Nevertheless, the price has been fluctuating within an ascending wedge pattern for an extended period, and following the recent surge in demand, it is now slightly retracing towards its upper boundary.
Conversely, a bearish reversal could lead to another downward move, aiming for the wedge’s lower boundary. A decisive breakout from the wedge pattern is necessary to determine Polkadot’s upcoming direction.Polkadot’s price has recently experienced a notable surge, raising expectations of a potential mid-term bullish trend. Hence, analyzing the futures market sentiment is crucial to assess whether this uptrend will persist, as futures market positions are significant drivers of volatility.
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