Polkadot is a blockchain platform that helps different blockchains to transfer messages and value in a trust-free environment, it aims to create a truly interoperable and scalable ecosystem. DOT’s price is currently trading around $6.94.
Crypto analyst known as PolkadotLeader on X stated that Polkadot is merely a “micro wick” away from breaking out of its substantial bull flag.
DOT Price Shows Bull Flag Pattern
Recent analysis has shown that DOT’s price is forming a classic bull flag pattern on its price chart. This formation is noted by a strong upward movement, referred to as the flagpole, followed by a consolidation phase where the price moves sideways or slightly downward within a narrowing channel.
Such patterns typically signal a continuation of the bullish trend, suggesting that Polkadot may be preparing for another significant price rally after its recent consolidation.
The analyst believes Polkadot is on the verge of a considerable price increase If it breaks above $7.042. He illustrated this potential increase with a green arrow on the chart. In simple terms, following this pattern, a notable price increase is expected.
