- Polkadot (DOT) eyes $9.20 once breaking above the $6.50 resistance in the descending channel.
- Floki (FLOKI) targets $0.0002600 on a breakout above $0.0001600 resistance.
- Both show potential for bullish reversals amid their descending channel patterns.
Polkadot (DOT) and Floki (FLOKI), two prominent cryptocurrencies, are currently navigating distinct technical patterns amidst the volatile crypto market. Polkadot, trading at $6.13 with a 24-hour volume of $149.78 million, reflects a cautious uptrend of 0.64%. Meanwhile, Floki, priced at $0.000150 with a notable trading volume of $174.03 million, has seen a modest rise of 2.37% over the same period.
As highlighted by ZAYK Charts, an analyst, Polkadot (DOT), has been navigating a descending channel pattern over a 12-hour period, characterized by lower highs and lows since mid-February. Recent price actions around key support levels, particularly the lower trendline at $5.00, suggest resilience despite bearish pressures.
As DOT approaches the $6.50 horizontal resistance, a breakthrough above this level could signify a potential bullish reversal. A decisive move above this resistance and the upper trendline of the descending channel might propel Polkadot towards the $9.20 mark, presenting a notable 47.01% upside from its current price.
As further noted by ZAYK Charts, Floki (FLOKI) presents a similar technical setup but on a shorter 4-hour timeframe. Floki has been confined within a similar descending channel since late May, characterized by repeated tests of the lower trendline around $0.0001260. This micro-cap token also encounters resistance near $0.0001600, posing a critical barrier to its recovery.
A breakout above this resistance zone could trigger a bullish momentum, potentially targeting the $0.0002600 level, offering a significant 64.93% increase from its current valuation.
Both cryptocurrencies highlight the potential for breakout scenarios amid their respective descending channels. For Polkadot, overcoming the $6.50 resistance level and the upper boundary of its channel could signal a shift toward bullish sentiment. On the other hand, Floki’s path to recovery hinges on surpassing its $0.0001600 resistance, aiming for higher price targets.
