Polkadot Rally Incoming? Crypto Analyst Predicts 150% Price Surge For DOT
January 27 2024 - 10:02AM
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The Polkadot (DOT) token has witnessed significant downward
pressure over the past few weeks. This negative performance was
further exacerbated by the recent downturn of Bitcoin’s value,
which tumbled below $40,000 over the past week. However, the
altcoin appears to be garnering momentum in the past few days,
having rebounded positively from the $6 mark. A popular analyst on
the X platform has put forward an exciting projection for DOT,
saying the token looks set for a substantial upward move in the
coming weeks. Can Polkadot Reach $17 In This Cycle? In
a recent post on X, prominent crypto analyst Michael van de
Poppe noted that the altcoins market is on the verge of a
significant surge. Specifically, the crypto pundit singled out the
Polkadot token as one of the assets to look out for. Related
Reading: Binance Smart Chain (BSC) Market Cap Hits New Milestone,
Registering 48% QoQ Surge According to Poppe’s post on X, DOT is
approaching a significant support level in three days. The analyst
identified the support zone between $5.60 and $6 while highlighting
the need for this level to hold strong. 3-day chart showing
different crucial zones of the Polkadot price | Source: Michael van
de Poppe/X If the support level holds, Michael van de Poppe
believes that Polkadot’s price is primed for a substantial run to
the upside in the current cycle. And the crypto analyst put forward
an ultimate $17 target for the cryptocurrency if a breakout does
occur. This potential price action would represent a massive 150%
upswing from the current price point. Nevertheless, this would
still be a long way from the token’s all-time high of $54.98 It is
worth noting that Michael van de Poppe has also identified a price
zone that will be integral to DOT’s possible run to $17. According
to his analysis, there is significant resistance for the altcoin to
overcome at around the $9.39 level. DOT last hit this price point
on Boxing Day. Resistance caused the coin’s value to collapse;
since December 26, 2023, it has dropped by almost 30%. DOT Price
Overview? As earlier inferred, Polkadot’s price has performed
poorly since the turn of the year. According to data provided
by CoinGecko, the cryptocurrency’s value has dipped by almost 24%
in the past month. Related Reading: Ethereum Faces Market Tremors
As Celsius Offloads $1 Billion in ETH As of this writing, the DOT
price is $6.69, reflecting a 3.8% increase in the last 24 hours.
However, the coin is still red on the weekly timeframe, with a 2.3%
price slump over the past seven days. Nonetheless, Polkadot ranks
as the 13th-largest cryptocurrency, with a market capitalization of
roughly $8.85 billion. Polkadot price showing good recovery on the
daily timeframe | Source: DOTUSDT chart on TradingView Featured
image from Pexels, chart from TradingView
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