Polkadot (DOT) Price Prediction: Will It Break Above $4.60 for Major Gains?
- Polkadot is gaining momentum as the market recovers from recent volatility
- A Triple Bottom pattern suggests strong potential for a major price move
- Breakout confirmation could come with a push above the $4.60 level
- Entry zone is between $3.70 and $4.20, with targets at $8.26 and $11.16
Polkadot (DOT), one of the top-performing cryptocurrencies, is showing strong potential for a breakout as the market stabilizes after a turbulent period. Following a sharp decline in Bitcoins price below $80K, altcoins, including Polkadot, experienced considerable volatility.
However, with the market now regaining stability, Polkadot seems to be on a positive upward trajectory, offering an exciting opportunity for investors and traders.
As of the latest data, DOTs price stands at $3.65, with a 24-hour trading volume of $621.06 million and a market capitalization of $5.72 billion. In the past 24 hours, DOT has gained 5.54%, indicating a resurgence in investor confidence and renewed market interest.
Polkadot Technical Analysis: Bullish Indicators
Technical analysis by Rose Premium Signal reveals a highly promising setup for DOT. A Triple Bottom formation on the weekly chart indicates strong demand and suggests that the token could be primed for significant price movement. Historically, Polkadot has seen impressive +200% rallies from this support zone, and the current price action appears to be mirroring this trend.
The current price action (PA) is showing a rounded retest, creating a bullish setup. Traders are anticipating a similar trajectory, with a break above $4.60 serving as the first key confirmation for the upward momentum.
For those looking to trade Polkadot, the entry zone is identified between $3.70 and $4.20. The first target price is set at $8.26, while the second target price is projected to reach $11.16, representing a potential 195% increase. To mitigate risk, a stop loss is recommended at $3.20, positioned just below the demand zone, offering protection against any unforeseen market declines.
Polkadots solid support zones and the ongoing bullish technical setup indicate that DOT is well-positioned for a breakout in the near future. As the broader crypto market recovers and stabilizes, Polkadot could see significant upside potential, making now an opportune moment to consider it for your portfolio.
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Read more: https://www.tronweekly.com/polkadot-dot-price-prediction-will-it-break-above-4-60-for-major-gains/
Text source: TronWeekly
