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Polkadot 'cup and handle' setup sees DOT price 50% higher by September

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Polkadot (DOT) looks ready to extend its ongoing price recovery due to a classic bullish pattern forming on its daily chart.Notably, DOT has been forming a "cup and handle" pattern since mid-June, confirmed by its price crashing and recovering in a rounding, U-shaped trajectory (cup), followed by the development of a trading range on the right-hand side (handle).Cup and handle patterns are typically bullish continuation setups that form during an uptrend.

But in rare cases, they appear at the end of a downtrend, leading to a bullish price reversal. As a result, DOT's possibility of continuing its price recovery seems high.Thus, from the technical perspective, DOT initially eyes a breakout above its cup and handle's resistance line near $8.50.

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