The post Top Analyst Spells Big Gains: Is Polkadot Set to Skyrocket to $20 Like Fantom? appeared first on Coinpedia Fintech News
Polkadot’s native token, (DOT), may be positioning itself for a major breakout, following a similar price trend seen in Fantom. However, Popular crypto analyst Ali Martinez suggests that if this trend holds, Polkadot could first rally to $9.7. After a brief pullback to $6.7, Martinez suggests DOT could even break out to an impressive $20.
Polkadot Following FTM Price Movement
According to Martinez, Polkadot’s current movement aligns with a pattern seen earlier in Fantom’s chart history. In this projected path, DOT could first make a significant upward move to $9.7, a level that would mark a strong resistance point for the token.
#Polkadot could be following in #Fantom's footsteps! If the pattern holds, $DOT could rise to $9.7, pull back to $6.7, and then break out to $20! pic.twitter.com/barEW1e3Tq
— Ali (@ali_charts) October 15, 2024
However, if DOT reaches this level, it’s expected to face selling pressure, which might cause a pullback to $6.7. This dip, while potentially worrying for some investors, could be a key point for bullish traders aiming to enter or reinforce positions before a larger rally.
Forecasting the $20 Target
If Polkadot maintains this trend, Martinez believes it has the potential to reach an impressive target of $20. Breaking out to this level would place DOT near the top of its historical price range, sparking further interest from the broader crypto market.
However, the $20 mark represents more than just a number—it would demonstrate Polkadot’s resilience and market demand, especially if supported by increased trading volume and positive sentiment.
Polkadot Price Analysis
After a strong end to last week, Polkadot (DOT) is facing challenges in keeping its upward momentum. While Bitcoin saw a nice jump, many other altcoins followed suit, and DOT managed a 5% increase, reaching $4.42. However, it has settled at $4.27.
For DOT to gain back its bullish strength, buyers need to push the price above $4.60. They also need to overcome the 20-day and 50-day Simple Moving Averages (SMAs). This won’t be easy, but if they can do it, DOT might reach the $6.30 level again!
On the downside, there’s some concerning news. The MACD indicator just showed a bearish crossover, meaning the MACD line has fallen below the Signal line. This indicates that sellers might have control for the time being.
