Justin Bennett: Polkadot (DOT) Could Climb Up To $45 In The Coming Weeks

According to Justin Bennett, a prominent crypto analyst and trader, there is a strong probability for interoperability blockchain Polkadot (DOT) to move up.

In a recent video update, Bennett looked into Polkadot’s price action and said that technicals would indicate a bullish continuation pattern.

“The fact that this is a falling wedge, which is inherently a bullish pattern, and we also have the market in a macro uptrend, I do have reason to believe that this is more likely to break higher than lower.”

According to the crypto analyst DOT could be breaking out of the falling wedge by the second week of February, and ending its short-term downtrend.

Regarding the target levels for Polkadot, Bennett says that DOT could climb 84% from its current level, once it clears the diagonal resistance.

“Is the market going to break higher? I personally think that there’s a very good chance it will, and if it does, the area I’m going to be targeting is up here. The first ones would be $32, $38 and $45.”

At time of writing, DOT is trading at $24.42 down 2.78% on the daily chart.

However, Bennett warns that the altcoin could go through significant correction in the coming days before triggering the rally towards his target levels.

“Don’t be surprised if we get something like this, where DOT breaks out of its terminal pattern to the upside, retests support ($20) maybe, breaks out from here and then starts to move higher up toward $32, $38 and $45 and eventually later this year we get a move up here into this resistance area ($65).”