After a significant price decline of over 50% since May 2024, Polkadot (DOT) is now poised for a notable upside rally. The potential reasons for this bullish speculation include recent price action, increased investor interest, and the current bullish market sentiment.
Polkadot (DOT) Technical Analysis and Upcoming Levels
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According to expert technical analysis, since May 2024, DOT has followed a lower high and lower low price action pattern while facing resistance from a descending trendline. However, with the recent price rally, DOT has broken out of this trendline, shifting the sentiment from a downtrend to an uptrend.

Source: Trading View
Based on recent price action and historical momentum, there is a strong possibility that DOT could surge by 75% to reach $7.65 in the coming days. However, DOT may encounter several resistance levels along the way: Resistance (R1) at $5.1, R2 at $5.6, R3 at $6.5, and R4 at $7.6.

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However, considering the current market sentiment, it appears that DOT could easily surpass this level in the coming days.
Despite this bullish outlook, DOT is currently trading below the 200-day Exponential Moving Average (EMA) on the daily timeframe, indicating a downtrend.
Bullish On-Chain Metrics and Current Price Momentum 

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DOT is currently trading near $4.35 and has experienced a price jump of over 1.5% in the past 24 hours. During the same period, its trading volume dropped by 10%, indicating lower participation from traders and investors compared to the previous day.
Besides small price changes, on-chain metrics further support DOT’s positive outlook. According to on-chain analytics firm Coinglass, DOT’s long/short ratio currently stands at 1.07, indicating strong bullish sentiment among traders. Additionally, its open interest appears to be steadily rising, reflecting growing interest from community members. 

Source: Coinglass
Based on the data, DOT’s open interest has increased by 2.9% over the past 24 hours and 1.67% in the past four hours.

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A combination of these on-chain metrics and technical analysis suggests that bulls are currently dominating the asset, which could support DOT in achieving a 75% rally in the coming days.

#Polkadot  #Dot  #FedRateStrategy  #CryptoNews   $DOT $BTC

Analyzing The Polkadot Price Performance
Polkadot has been part of the crypto market for four years and was in its prime during the 2021 Bull Run. However, ever since then, the DOT price entered an extreme downtrend, losing more than 92% of its value. This happened despite its blockchain’s constant upgradation and developments.

Interestingly, the token had also attempted recovery multiple times in this period. At the March rally, it almost reached the $12 mark before entering a downtrend and months-long consolidation. And now, it is rising again with the Donald Trump win. Even, the technical indicators also indicate a strong buying zone for the token.
Image source: Coin Market Cap
At the time of writing, the DOT price is $4.3, and attempting an uptrend with the crypto market rally. Regardless, the price has only surged 5% today and 9% over the week, which is low compared to other popular cryptos’ performance. However, its months-long consolidation and cold sentiments among investors make it appreciated. Many analysts even claimed it was just the beginning of the Polkadot price rally.
Why Can Rally 2medi?
The Polkadot developer team has been working on the Polkadot 2.0 update to bring the next level of scalability and security. However, that is not all, as the improvements in the staking mechanism are grabbing the investor’s attention, which might play a role in the upcoming DOT price rally.
Even without that, the investor’s interest is returning to their cryptocurrency. Here, under the bull’s influence, the trading volume of this token has increased to $265.63M after an 18% surge in the last 24 hours alone. It indicates that the investors are flocking to this token, and they should, as the Polkadot price chart is finally breaking out of the falling wedge pattern after facing a long term. A crypto analyst, Captain Faibik, made this revelation in his recent X post, hyping the investors for the upcoming 2x bullish rally.
“$DOT is Once again Breaking out of Falling Wedge Pattern after Long Downtrend..📈
Expecting up to 2x Bullish Rally in the Coming days so Don’t miss the Ride.”
Captain Faibik 🐺 November 8, 2024
Another analyst has acknowledged the ongoing Polkadot price rally, predicting that a sustained breakout above $4.2 will lead it to a new high. Someone else has even claimed that the price will hit $100, which is a bit unrealistic for now. However, that could happen under the influence of a Bull run. For now, Tony’s prediction of witnessing the DOT price reaching $15 in January is more realistic. With that, the long-term holders can recover their losses and earn profits.

Disclamation: Recommendations, suggestions, views given by the crypto experts. It’s not financial advice. You must do your own research before investing crypto markets. Crypto Wolf is always trying to share valuable news for trading, staking, investing after our own research. Information source trading view, Coin market cap and crypto experts.
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