The Polkadot (DOT) token has witnessed important downward stress over the previous few weeks. This destructive efficiency was additional exacerbated by the latest downturn of Bitcoin’s worth, which tumbled under $40,000 over the previous week.
Nonetheless, the altcoin seems to be garnering momentum prior to now few days, having rebounded positively from the $6 mark. A preferred analyst on the X platform has put ahead an thrilling projection for DOT, saying the token seems set for a considerable upward transfer within the coming weeks.
Can Polkadot Attain $17 In This Cycle?
In a latest publish on X, outstanding crypto analyst Michael van de Poppe famous that the altcoins market is on the verge of a big surge. Particularly, the crypto pundit singled out the Polkadot token as one of many property to look out for.
In keeping with Poppe’s publish on X, DOT is approaching a big assist stage in three days. The analyst recognized the assist zone between $5.60 and $6 whereas highlighting the necessity for this stage to carry sturdy.
3-day chart exhibiting completely different essential zones of the Polkadot worth | Supply: Michael van de Poppe/X
If the assist stage holds, Michael van de Poppe believes that Polkadot’s worth is primed for a considerable run to the upside within the present cycle. And the crypto analyst put ahead an final $17 goal for the cryptocurrency if a breakout does happen.
This potential worth motion would signify an enormous 150% upswing from the present worth level. However, this may nonetheless be a great distance from the token’s all-time excessive of $54.98
It’s value noting that Michael van de Poppe has additionally recognized a worth zone that will likely be integral to DOT’s attainable run to $17. In keeping with his evaluation, there’s important resistance for the altcoin to beat at across the $9.39 stage.
DOT final hit this worth level on Boxing Day. Resistance brought on the coin’s worth to break down; since December 26, 2023, it has dropped by nearly 30%.
DOT Worth Overview?
As earlier inferred, Polkadot’s worth has carried out poorly because the flip of the 12 months. In keeping with information supplied by CoinGecko, the cryptocurrency’s worth has dipped by nearly 24% prior to now month.
As of this writing, the DOT worth is $6.69, reflecting a 3.8% improve within the final 24 hours. Nonetheless, the coin continues to be crimson on the weekly timeframe, with a 2.3% worth hunch over the previous seven days.
Nonetheless, Polkadot ranks because the Thirteenth-largest cryptocurrency, with a market capitalization of roughly $8.85 billion.
Polkadot worth exhibiting good restoration on the day by day timeframe | Supply: DOTUSDT chart on TradingView
Featured picture from Pexels, chart from TradingView
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