A widely followed crypto analyst, Rekt Capital, is delving into the altcoin markets, with a particular focus on the interoperability blockchain Polkadot (DOT). Rekt Capital notes that the overall market for altcoins is approaching a market cap last seen around August 2022, which is a significant milestone.
Rekt Capital highlights that Polkadot is currently undergoing a retest of its macro market structure. This retest is crucial for confirming a breakout in the platform. The trader emphasizes that Polkadot is in the process of breaking its Falling Wedge resistance, and a monthly close above this pattern is necessary for bullish sentiment.
Rekt Capital explains that the ongoing weekly retesting is essential for Polkadot to secure a monthly close above the pattern top. Although a dip into the same area in December is still possible, it would be part of a monthly retest, ultimately confirming the breakout. This gradual preparation indicates that Polkadot is positioning itself for a macro uptrend.
At the time of writing, Polkadot (DOT) is valued at $5.27, reflecting a 2.4% increase for the day.
Rekt Capital's analysis sheds light on the altcoin market's overall performance and specifically focuses on Polkadot's breakout potential. The ongoing retest and the importance of a monthly close above the Falling Wedge resistance indicate a positive outlook for Polkadot. Investors and traders should closely monitor these developments as they may present opportunities for high returns.
