Analyst Forecast Polkadot (DOT) Potential To Reach $15 In The Coming Weeks

Polkadot (DOT) recently broke through the lower bound of an uptrend channel. This development signals a potential change in the medium- to long-term trajectory, indicating either a slowing of the upward momentum or the beginning of a more sideways move, reflecting a change in market sentiment.

In terms of key levels, Polkadot finds support near $6.30, suggesting a price level where buying interest could increase and limit further downside movement. On the contrary, it is facing resistance near $9.40, a price level that could intensify selling pressure and hinder any upside.

Furthermore, the negative volume balance observed during trading suggests a scenario in which sellers dominate the market while buyers remain relatively passive. This imbalance in trading activity is putting downward pressure on Polkadot’s price strength and contributing to the current bearish sentiment surrounding the cryptocurrency.

At the time of writing, Polkadot is trading at $7.36, with a 24-hour trading volume of $493.27 million and a market capitalization of $7.27 billion. In the past 24 hours, the price of DOT fell by 0.93%. This reflects the general bearish sentiment and the impact recent market trends have had on valuations.

Source: CoinMarketcap

Polkadot bullish flag suggests $15 target

Despite the prevailing bearish outlook for Polkadot in the short term, prominent crypto analyst World of Charts was undaunted. maintain an optimistic outlook Regarding the trajectory of DOT price. By carefully analyzing market trends and patterns, World Of Charts has identified a compelling story behind DOT’s current price movement.

Their analysis suggests that DOT is currently in a consolidation phase characterized by a bullish flag pattern observed within the H4 time frame. This consolidation phase represents a temporary halt in price movements, providing a breather after recent movements and an opportunity for accumulation before the next big move.

In this context, World of Charts predicts an imminent upward breakout from the bullish flag pattern. They predict that if this breakout occurs, the price of DOT will rise. Their analysis suggests that if this breakout is successful, DOT could reach the $15 mark in the coming weeks, with a notable increase in value.

Related Reading | Ripple Strikes Back: Motion Challenging SEC’s Late Expert Submission

Related Article


Leave a Comment