The Polkadot (DOT) token has witnessed vital downward strain over the previous few weeks. This damaging efficiency was additional exacerbated by the current 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 current put up on X, distinguished 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 accordance with Poppe’s put up on X, DOT is approaching a big help degree in three days. The analyst recognized the help zone between $5.60 and $6 whereas highlighting the necessity for this degree to carry robust.
3-day chart displaying totally different essential zones of the Polkadot value | Supply: Michael van de Poppe/X
If the help degree holds, Michael van de Poppe believes that Polkadot’s value 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 value motion would characterize an enormous 150% upswing from the present value level. Nonetheless, this might nonetheless be a good distance from the token’s all-time excessive of $54.98
It’s price noting that Michael van de Poppe has additionally recognized a value zone that will probably be integral to DOT’s attainable run to $17. In accordance with his evaluation, there may be vital resistance for the altcoin to beat at across the $9.39 degree.
DOT final hit this value level on Boxing Day. Resistance triggered 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 value has carried out poorly because the flip of the yr. In accordance with information supplied by CoinGecko, the cryptocurrency’s worth has dipped by nearly 24% prior to now month.
As of this writing, the DOT value is $6.69, reflecting a 3.8% improve within the final 24 hours. Nonetheless, the coin remains to be purple on the weekly timeframe, with a 2.3% value hunch over the previous seven days.
Nonetheless, Polkadot ranks because the Thirteenth-largest cryptocurrency, with a market capitalization of roughly $8.85 billion.
Polkadot value displaying good restoration on the every day timeframe | Supply: DOTUSDT chart on TradingView
Featured picture from Pexels, chart from TradingView
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