Polkadot (DOT) may be on track for a price rally similar to that of Fantom (FTM), according to an analysis shared by crypto analyst, Ali. In a tweet, Ali suggested that if Polkadot mirrors Fantom’s price movement, DOT could see gains, potentially reaching as high as $20 soon.

Ali describes a possible Polkadot price trajectory in his tweet, speculating that the token may reach $9.7, decline to $6.7, and then surge beyond $20. This prediction is based on an analysis of Fantom’s past price movement and Polkadot’s chart, which showed a similar pattern.

#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

Fantom’s Price Action and Resistance Levels

Fantom’s chart provides information about Polkadot’s potential future movements. Fantom recovered from its $0.52 support and reached a price of around $0.72. The token’s consolidation within a range, which suggested a possible bullish continuation pattern, preceded this advance.

The fact that Fantom broke over the crucial barrier level suggests that it may keep rising. Investors may expect comparable gains in DOT to those recently seen in Fantom if Polkadot’s price movement follows a similar pattern.

Polkadot’s Potential Price Rally

According to Ali’s analysis, Polkadot is currently resting on a key support level at $4.21. From this zone, Ali predicts that DOT could rise to a major resistance level at $9.7, followed by a pullback to $6.7. This phase would serve as a consolidation period before the token rallies toward $20.

The $9.7 mark is seen as a critical resistance that Polkadot must overcome to continue its upward trend. Once this resistance is tested and the pullback occurs, the projected breakout could push DOT to higher targets, reflecting Fantom’s previous price performance.

Celebrate Dogecoin and Make Big Gains with Doge2014!

Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!

Show more +Show less –

Read also: Analyst Warns SUI Price Might Face a Correction – Here’s Why

Support and Resistance for Polkadot

The analysis highlights Polkadot’s current support at $4.21, which could serve as a launching point for further upward momentum. If this support holds, the price could rally, starting the predicted path to $9.7, then $20.

This potential price movement for Polkadot underscores the possibility of a bullish rally, similar to the pattern observed in Fantom’s price action. However, investors should watch for key support and resistance levels to determine if DOT can follow this predicted trajectory.

Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.Get all our future calls by joining our FREE Telegram group.

We recommend eToro

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more Visit eToro Now Active user community and social features like news feeds, chats for specific coins available for trading. Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. Copy trading: allows users to copy the trades of leading traders, for free. User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.

The post “Polkadot Could Be Following in Fantom’s Footsteps,” Says Analyst, Predicting DOT’s Price Rally to $20 appeared first on CaptainAltcoin.