Polkadot (DOT) caught huge attention from analysts and investors as it showed signs of a probable upside movement. Despite facing a 6.23% fall over the past week, DOT is showing robust support levels, which can signal a strong rebound.
The broader cryptocurrency market has been wrestling with instability since the launch of Ethereum ETFs. It has further enhanced liquidity and boosted market volatility. Similar to other major cryptocurrencies such as Bitcoin, Ethereum, and Solana, Polkadot’s price gets pushed and pulled about by a blend of supply and demand dynamics.
Currently, Polkadot is trading at $5.84. The cryptocurrency has had a 1.67% rise over the past 24 hours, which pushed its 24-hour volume to $312.26 million. At the moment, Polkadot’s market capitalization stands at $5.77 billion, dominating the markets by 0.23%.
Analyst Predicts 2x Increase For Polkadot (DOT)
According to famous crypto analyst Steve Courtney, Polkadot’s price has recently found support above $5.70. This key support level gives due indication of an upside move in the near future. He pointed out the Stochastic Relative Strength Index (SRSI), giving an upside spike indication; however, again, be cautious of the slow blue line behavior that may signal some resistance.
The central question on many investors’ minds now is whether Polkadot can regain that momentum and climb back above the 21 Simple Moving Average, a key indicator of its recent performance.
Moreover, analyst Captain Faibik has shared a bullish perspective on Polkadot’s future. Faibik points out that DOT is consolidating within a falling wedge pattern, which is generally a technical formation associated with future price increases. This consolidation phase is seen as an opportunity for investors to accumulate DOT before a potential breakout
Faibik forecasts a huge bullish rally, arguing that once the price breaks out of this wedge pattern, it will increase by 2x. In conclusion, the midterm outlook for Polkadot remains promising, making it a cryptocurrency to watch closely.
However, with analysts touting technical support alongside bullish patterns, Polkadot could be weeks away from its next big upswing. Investors should be watching these developments closely, as a drastic upswing would set the stage for major profits.
Related Reading | Altcoins Set To Surge: Ethereum ETF’s Long-term Impact On The Crypto Market