Polkadot price prediction – DOT’s latest breakout can push altcoin to THIS level!
The post Polkadot price prediction – DOT’s latest breakout can push altcoin to THIS level! appeared on BitcoinEthereumNews.com.
Polkadot’s breakout and technical indicators pointed to a potential rally towards $24 Rising development activity and social dominance highlighted growing market interest in the altcoin Polkadot [DOT] has grabbed market attention with its recent price action, following a notable breakout from a descending channel pattern. With a price of $7.72 following gains of 6.54% at press time, the altcoin seemed to be demonstrating some promising momentum on the charts. Needless to say, the ongoing activity and metrics surrounding Polkadot have sparked curiosity about its potential direction in early 2025. DOT breaks key resistance with a strong setup Polkadot’s descending channel breakout has set the stage for a potential rally, with the token reclaiming its bullish structure and forming a higher high. The immediate resistance at $11.77 remains a key level to watch, while a successful breach could pave the way towards the $24-mark. These levels alluded to an over 100% potential upside from its press time price, underscoring DOT’s promising trajectory. Additionally, the consolidation following the breakout has been strong, providing traders with confidence in its long-term strength. Simply put, Polkadot’s technical outlook continues to align with market expectations for sustained growth. Source: TradingView Indicators suggest room for further growth At press time, Polkadot’s technical indicators supported its bullish momentum, with several metrics highlighting the potential for further gains. The weekly MA cross between the 9-day ($7.74) and 21-day ($5.78) moving averages highlighted a confirmed bullish trend too. Moreover, the RSI at 56.26 indicated that there might still be room for price appreciation, before entering overbought territory. Also, the clear alignment of these indicators with the altcoin’s price action reinforced the view that Polkadot may be positioned for sustained upward movement. Source: TradingView Social dominance rises with market interest Polkadot’s social dominance climbed from 0.432% to 0.551% – A sign…
Filed under: News - @ January 4, 2025 11:17 am