With the overwhelming investor response past the US election results declaration, the crypto market has witnessed quite an upsurge, which is also true for the Polkadot price. Polkadot is one of the most famous blockchains, offering fast and cheaper services. Despite that, its token has slowly lost its place in the market and is continuously struggling on the charts. Thankfully, after a significant recovery over the week, many crypto analysts have anticipated new gains, which could happen anytime soon.

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.

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 2xSoon?

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..#Crypto #Polkadot #DOT pic.twitter.com/44UtelMkq8

— Captain Faibik (@CryptoFaibik) 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.

The post Polkadot (DOT) Price Finally Turned Bullish: Why 2x Rally Is Possible? appeared first on CoinGape.

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Filed under: News - @ November 8, 2024 2:26 pm