The Polkadot (DOT) token has witnessed vital downward stress over the previous few weeks. This unfavourable efficiency was additional exacerbated by the recent downturn of Bitcoin’s value, which tumbled below $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 well-liked analyst on the X platform has put ahead an thrilling projection for DOT, saying the token seems to be set for a considerable upward transfer within the coming weeks.
Can Polkadot Attain $17 In This Cycle?
In a recent post on X, outstanding crypto analyst Michael van de Poppe famous that the altcoins market is on the verge of a major surge. Particularly, the crypto pundit singled out the Polkadot token as one of many belongings to look out for.
In keeping with Poppe’s submit on X, DOT is approaching a major 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 sturdy.
3-day chart exhibiting 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 signify an enormous 150% upswing from the present value level. Nonetheless, this may nonetheless be a good distance from the token’s all-time excessive of $54.98
It’s value 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 keeping with his evaluation, there’s vital resistance for the altcoin to beat at across the $9.39 degree.
DOT final hit this value 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 Value Overview?
As earlier inferred, Polkadot’s price has carried out poorly for the reason that flip of the 12 months. In keeping with knowledge supplied by CoinGecko, the cryptocurrency’s worth has dipped by nearly 24% prior to now month.
As of this writing, the DOT price is $6.69, reflecting a 3.8% improve within the final 24 hours. Nonetheless, the coin remains to be crimson on the weekly timeframe, with a 2.3% value stoop over the previous seven days.
Nonetheless, Polkadot ranks because the 13th-largest cryptocurrency, with a market capitalization of roughly $8.85 billion.
Polkadot value exhibiting good restoration on the each day timeframe | Supply: DOTUSDT chart on TradingView
Featured picture from Pexels, chart from TradingView
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