Polkadot (DOT) price has increased by 4.6% in the last 24 hours to $8.77, while the overall crypto market has gained 2.52% today. DOT is up 54.4% in the last week and 117% in the last month. The pennant formation on the chart suggests that there may be more increases this week.
Analysts predict that DOT could see a major price increase if it breaks the $9.35 level it saw in April of last year. Considering the current state of the crypto market and Polkadot’s strong fundamentals, DOT is expected to reach this target fairly soon.
In today’s DOT chart, the pennant formation formed by the resistance (red) and support (green) levels is striking. These two levels are causing Polkadot’s price to move in a narrowing range, but it is predicted that this range could be broken soon. Polkadot had an extremely strong weekend, with the RSI indicator rising to 80 on Saturday and correcting on Sunday. Right now, DOT seems very close to a recovery as its 30-day moving average (orange) remains above its 200-day moving average (blue).
Analysts are noting that DOT is currently entering positive territory. X account CryptoRollerCoaster noted in a post today that Polkadot reaching $9.35 could be a major breakout signal. It is also thought that Polkadot is well positioned to benefit from the new bull market.
One of the main reasons for Polkadot’s rise in the last few days is FIFA’s recent announcement of a mobile game called FIFA Rivals that will be hosted on the Polkadot network. This development shows that Polkadot has the potential to make a significant leap forward and compete with major middleware networks like Solana and Ethereum. Additionally, the Polkadot platform has continued to grow in recent months and continues to innovate by releasing the Agile Coretime upgrade in September.
Given Polkadot’s improving fundamentals and the positive sentiment in the market, its price is expected to reach $9.35 in the coming days, then reach $15 by the end of 2023 and possibly rise to $25 in the second half of 2025.