Polkadot Price Soars 15% In One Day Heres Why $7.5 Might Be The Next Target
The cryptocurrency market saw some of its best days over the past week, with several altcoins enjoying the positive climate surrounding the industry at the moment. While the top meme coins like Dogecoin, Shiba Inu, and Pepe were the biggest beneficiaries of the recent bullish momentum, altcoins like Polkadot also showed good signs of impending upward movement.
According to data from CoinGecko, the Polkadot price has witnessed an almost 15% increase in the last 24 hours. A popular crypto pundit on the social media platform X has said that the bullish run for the DOT token is only just about to commence while predicting the next price target for the altcoin.
DOT To Surge 30% In The Next Few Days Heres How
In a November 16 post, prominent crypto expert Ali Martinez shared an exciting analysis for the Polkadot price over the next few days. According to the analyst, the current outlook of the altcoins price suggests that it might be ready for a significant run to the upside.
The rationale behind this bullish projection is the formation of a bull flag pattern on the four-hour timeframe of the Polkadot price chart. The bull flag is a technical analysis pattern marked by a period of steep upward movement (the flagpole) typically followed by slight sideways price action.
The bull flag is usually considered a prevailing continuation pattern for an upward trend, signaling a potential move to a higher price point. However, it is important to wait for a confirmed break out of the consolidation before ascertaining that the price will continue its upward trajectory.
As shown in the chart above, the price of DOT originally appeared to be in a bull pennant as it moved towards a convergence. However, the Polkadot price broke out of the consolidation period early, forging a bull flag out of what initially seemed like a pennant pattern.
Nevertheless, the price of Polkadot appears to be on the rise, with Martinez putting the altcoins next stop at $7.50, which represents a more than 30% rally from the current price point. It is worth mentioning that this exact projection was made by expecting future prices to mirror the length of the initial flagpole.
Polkadot Price At A Glance
As of this writing, the Polkadot token is valued at around $5.74, reflecting an impressive 15% surge in the past day. Meanwhile, the altcoins performance is even more remarkable on the weekly timeframe. According to CoinGecko data, DOT is up by more than 30% in the last seven days.
Text source: NewsBTC
