Resilient and showing great upward momentum is Polkadot (DOT), the blockchain network noted for its emphasis on interoperability. Polkadot has maintained its ground on the $6.30 support level up to now, indicating a solid basis for next developments.
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DOT saw a little bit increase of 1.6% in the course of the previous week, which experts think would be the forerunner to a way more significant upswing. Each experts and investors have drawn attention to this favorable situation, which can help Polkadot to have a possibly interesting future.
Polkadot Makes Regular Climb
Polkadot’s latest pricing forecasts present a hopeful picture. Forecasts show that DOT’s price may climb impressively by 227%, perhaps reaching $20.69 by August 2024. Although the technical indicators reflect a neutral attitude right away, the Fear & Greed Index, at 74 (Greed), shows great market interest.
Polkadot has earned a 53% rate of green days over the previous 30 days with a little bit price volatility of 4.08%. Given the overall positive attitude of the market, this data points to now as a great time to speculate in DOT.
Source: CoinCodex
Technical Patterns
Outstanding crypto expert Jonathan Carter has recently presented Polkadot with an encouraging prediction. Carter’s study centres on a notable technical advance: Recently, DOT broke out in a falling wedge pattern, a configuration sometimes taken as a positive indicator.
#DOT
Polkadot broke out of falling wedge pattern and currently retested upper border💁♂️
Price might reach targets at $6.50, $7.75 and $9.00 after successful bounce in the following bullish wave🌊 pic.twitter.com/SZmbkEtExp
— Jonathan Carter (@JohncyCrypto) July 19, 2024
Normally indicating a period of consolidation followed by a breakout, this pattern is defined by converging trendlines. Carter claims that DOT has effectively crossed the highest border of this pattern, subsequently enabling possible upward momentum.
The coin’s price movement has been pushing this upper limit, a significant level that will guide its future motion, after the breakthrough. Carter expects quite a few possible pricing goals if DOT can keep its upward momentum and rebound off this vital level.
Particularly, he forecasts DOT may reach $6.50, $7.75, and perhaps even $9.00 in the following bullish wave. As investors monitor Polkadot to maintain its increasing trend, this prognosis has strengthened their trust even further.
DOT market cap currently at $9 billion. Chart: TradingView
A Strong Base For Next Development
Polkadot’s pricing right away in response to probably the most recent market report is $6.29. With a trading volume of $382.82 million and a market capitalisation of $6.21 billion, the altcoin has appreciated 2% in the course of the previous 24 hours. This price fluctuation underlines Polkadot’s increasing appeal for future performance based on increasing confidence.
With 63% of the market rating Polkadot as “Neutral Bullish,,” the opinion towards the corporate is now excellent. Reflecting a rating of 60 (Greed), the Fear & Greed Index shows that market players are growingly convinced in Polkadot’s future. This optimistic attitude is important because it shows continuous investor interest, which might be going to propel more price rises.
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Polkadot’s latest performance and technological study point to its being in a major for notable expansion. DOT might shortly soar with great support at $6.29 and optimistic forecasts from analysts like Jonathan Carter.
DOT is one in all the interesting investment prospects because the market of cryptocurrencies develops. Each investors and aficionados will probably be attentively observing its transformation and searching forward the likelihood for notable increases in the approaching weeks.
Featured image from Mudrex, chart from TradingView