GET 10% OFF ON YOUR FIRST ORDER. FOR A LIMITED TIME ONLY. Use code: WELCOME on checkout
News

Here’s Why Polkadot (DOT) Might Rally Toward $10: Analysts

TL;DR

  • Polkadot (DOT) has risen 10% over the past two weeks, currently trading around $7.50, with expectations for further growth.
  • Key metrics suggest moderate momentum, indicating potential for continued price increases.

DOT’s Next Potential Move

Polkadot’s native cryptocurrency has experienced an uptick recently, registering a 10% price increase on a two-week scale. Currently, it hovers around the $7.50 mark (per CoinGecko’s data), with numerous analysts envisioning a further pump in the near future.

DOT Price
DOT Price, Source: CoinGecko

One example is the X user Crypto Yapper, who claimed that DOT’s price has broken out of a specific consolidation pattern and is “now seeing a beautiful retest.” The entrepreneur suggested that the asset’s previous resistance has “turned into support,” meaning it can now aim for higher targets.

“I expect Polkadot to be trading around the $10 soon,” the analyst forecasted.

The X user Block Diversity chipped in, too, predicting a price rally to almost $14 as long as DOT trades above the major resistance level of $6.90. 

Other analysts recently giving their two cents on the matter include Crypto Thanos and Crypto Tony. The former assumed that the $6-$7.50 range was “for accumulating only,” setting $10 as the next goal. 

Crypto Tony touched upon the topic last week when DOT’s value stood at less than $7. Back then, the analyst said they were looking for “a safe entry” once the asset exceeded the $7.40 resistance mark. Recall that this figure was surpassed several days ago, and it will be interesting to see whether the trader will hop on the DOT bandwagon as promised. 

Observing Some Important Metrics

Speaking of DOT price predictions, it is worth observing essential indicators. An evident example is the Relative Strength Index (RSI), which provides insights into the momentum and potential reversal points of price movements. The metric varies from 0 to 100, and a ratio above 70 suggests that the cryptocurrency is overbought and could be due for a correction. Data shows that the DOT RSI currently stands at 54.

We will also touch upon the stochastic oscillator, a momentum indicator that compares a particular closing price of a digital asset to a range of its prices over a certain period of time. 

Similar to the RSI, it stretches from 0 to 100, with any ratio above 80 signaling a forthcoming correction. As of now, the metric points at 74 (according to CryptoQuant).

The post Here’s Why Polkadot (DOT) Might Rally Toward $10: Analysts appeared first on CryptoPotato.

Latest Press

post-thumbnail
News
5 hours ago
Venezuela’s Bitcoin Mining Crisis: Government Actions and Potential Gas-Powered Solutions
Venezuelan Bitcoin miners halt operations as government disconnects power, citing strain on national...
READ MORE
post-thumbnail
News
5 hours ago
Solana Faces Bearish Pressure Despite Bullish On-Chain Metrics: What’s Next for SOL’s Price?
The post Solana Faces Bearish Pressure Despite Bullish On-Chain Metrics: What’s Next for SOL’s P...
READ MORE
default post thumbnail
News
5 hours ago
DOGE To The Moon: This Dogecoin Metric Just Turned Bullish For The First Time Since 2020
Dogecoin (DOGE) is again in the spotlight as the foremost meme coin could be ready for takeoff. This...
READ MORE
default post thumbnail
News
5 hours ago
Lido (LDO) Poised For Explosive Surge To $17, Expert Forecasts ‘Massive Breakout’
Lido Finance, the liquid staking protocol for the Ethereum (ETH) network, has experienced significan...
READ MORE
default post thumbnail
News
5 hours ago
Curve Founder Faces Massive Blow As CRV Price Dives 40%, Multi-Million Dollar Liquidations
A sudden and dramatic crash in the value of Curve Finance’s native token, CRV, has resulted in sub...
READ MORE
default post thumbnail
News
5 hours ago
Analyst Predicts 35% Jump For Bitcoin In Next Step Of ‘Magic Bands’
Despite the price crash after rising to $69,000, the Bitcoin price remains in the game, with bulls c...
READ MORE
default post thumbnail
News
5 hours ago
Bitcoin Stuck: Here Are 2 Things That Must Happen For BTC To Break $72,000
At spot rates, Bitcoin is firm, but traders doubt the uptrend following the unexpected dump on June ...
READ MORE
default post thumbnail
News
5 hours ago
Memecoin Fight: DADDY Surpasses MOTHER Despite Insider Trading Activity Allegations
The celebrity memecoin mania has added a new player with the recently launched Daddy Tate (DADDY). T...
READ MORE
post-thumbnail
News
5 hours ago
These Altcoin Projects Have Raised the Most Capital in 2024
In 2024, several altcoin projects have secured substantial funding, showcasing growing investor conf...
READ MORE
default post thumbnail
News
5 hours ago
Paxos Reportedly Downsizes Workforce by 20%: Details
Stablecoin issuing company Paxos has laid off 20% of its workforce, decreasing its employee count by...
READ MORE

Publish an article now

Unlock the power of media for instant visibility to the target audience, major SEO boost, greater website traffic and conversion rates.

click here to get started