Can #Polkadot (DOT) Price Climb to $12 After Defeating #Solana🚀 and #cardano ?
Polkadot's price is experiencing a bullish surge fueled by increased interest from institutional investors, potentially aiming to revisit previous highs.
However, the journey ahead may encounter several hurdles that could temper the current bullish sentiment.
Outperforming Solana and Cardano, Polkadot has seen a notable recovery of 12% over the past week, thanks in part to both institutional and retail investors. Institutions showed a preference for DOT, with inflows totaling $5 million, while Solana and Cardano witnessed outflows of $5.6 million and $3.7 million, respectively. This institutional interest contributed to the recent price boost for Polkadot.
Similarly, retail investors are also demonstrating renewed bullish sentiment as the market recovers. This resurgence in optimism is crucial for Polkadot's price trajectory, as it fosters conviction and sustains upward momentum.
Looking ahead, the bullish indicators suggest that Polkadot's price is poised for further recovery and potential upward movement. In recent weeks, the altcoin has been forming a rounding bottom pattern, signaling a potential rally of 31% with a target price of $12.
Although Polkadot fell short of reaching this target during the previous bull run, it stands a chance this time, provided it can overcome key resistance levels at $10 and $11. However, these local barriers may pose challenges to Polkadot's ascent, and failure to breach them could lead to a retreat to the $9.2 support level. Losing this support level would invalidate the bullish outlook, potentially resulting in a decline to $8.
Source - beincrypto.com