Polkadot and Cardano Partnership Sends DOT Price Breaking Out of Downtrend
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Polkadot announced a partnership with Cardano to use its Substrate technology, leading to a DOT price increase.
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The DOT price had been falling under a descending trendline since February, but broke out above it last week.
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The breakout reclaimed the key $4.30 support level that DOT had fallen below in October.
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The bullish price action aligns with an RSI breakout and potential completion of a 5-wave Elliott Wave downward pattern.
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Further resistance is at $10, but a close below $4.40 would negate the bullish reversal.