- Polkadot (DOT) holds firm at a crucial support level despite a recent 9% dip in the last week.
- DOT is currently trading at $4.79, up 3.30% in the last 24 hours.
- Market sentiment is turning bullish, suggesting a potential recovery.
- Analyst predicts a possible breakout for DOT, with a target of $24.
Polkadot (DOT) is undergoing a rough time but stays strong at its key support level. Following almost a 9% dip in a week and 22% drop off the price in the past month, market analysts still see a positive future trajectory for it.
This recent slide of DOT is largely linked to the broader market downturn propelled by Bitcoin’s latest slump. Being the cornerstone cryptocurrency, Bitcoin usually sets the tone for other digital assets. If Bitcoin stumbles, the ripple effect is felt across the board, and DOT has not been immune.
However, the sentiment for the cryptocurrency market is slowly turning bullish. Many experts believe this can be a time of consolidation for DOT before a strong upswing. This resilience of DOT at the current support level does give an investor the feeling that it may be readying itself for a strong recovery and may yield substantial gains.
According to the latest data, DOT is trading at $4.79, showing a rise of 3.30% over the last 24 hours. With its 24-hour volume standing at $429.71 million, the market capitalization is $4.73 billion, pegging it at a market dominance of 0.22%. All these figures indeed reflect that even amidst the downturn, interest in Polkadot remains strong among investors.
Analyst Predicts Polkadot Surge to $24 Amid Bullish Signs
Polkadot DOT presently is on the radar of the market analysts, one of whom, Jonathan Carter, has the most optimistic outlook for this cryptocurrency. According to Carter, it’s shaping up that Polkadot’s price trajectory is bullish, presenting exciting prospects for long-term investors.
Polkadot has been following a descending triangle on its weekly chart. A descending triangle is a technical formation frequently observed in markets that are consolidating. This formation focuses on a set of lowering highs and often maintains a current support level, at times sending some signals that it may be breaking out if the resistance is tested.
Recently, Polkadot’s price made a notable move by bouncing strongly after touching the lower support zone of about $3.75. This bounce has been sparking renewed interest that the cryptocurrency might be gearing to make a significant move. A critical level to eye is the resistance trendline capping Polkadot’s upward momentum, according to Carter.
If Polkadot manages to break above this resistance, it could pave the wave for a substantial rally.” Carter’s analysis further comes up with a price target of $24.00. Needless to say, all these would peg on the breakout happening. If successful, it will surge in market enthusiasm and buying activity.
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