Here’s Why Polkadot (DOT) Is Rising Toward $10: Analysts
TL;DR
- polkadot (DOT) is currently trading around $7.50, up 10% in the last two weeks, with further growth expected.
- Fundamental metrics show moderate momentum, indicating the potential for price gains to continue.
Polkadot’s native cryptocurrency has experienced a surge recently, recording a 10% price increase on a two-week scale. Currently, it is hovering around $7.50 (according to CoinGecko data) and many analysts are predicting a further rise in the near future.
DOT Price, Source: CoinGecko
An example of this is X user Crypto Yapper. requested He noted that DOT price has broken out of a specific consolidation pattern and is “seeing a nice retest right now.” The entrepreneur suggested that the asset’s previous resistance had “turned into support”, meaning it could now aim higher.
User X Block Diversity also contributed. to guess As long as DOT trades above this level, the price will rise to almost $14. mother The resistance level is $6.90.
Other analysts recently to give their two cents on this one add Crypto Thanos and Crypto Tony. Old default He noted that the $6-$7.50 range is “just for accumulating” and that the next target is $10.
Crypto Tony touched on the topic of discussing the value of DOT last week. stoped Less than $7. analyst at the time aforementioned they were looking for a “safe entrance” when the entity appeared exceeded Resistance mark at $7.40. Recall that this figure was surpassed a few days ago, and it will be interesting to see. whether the trader will jump on the DOT bandwagon as promised.
Observing Some Important Metrics
Speaking of DOT price predictions, it is worth observing the key indicators. A clear example is the Relative Strength Index (RSI), which provides information about the momentum of price movements and potential reversal points. The benchmark ranges from 0 to 100, and a ratio above 70 indicates that the cryptocurrency is overbought and may need a correction. Data demonstrations DOT RSI currently stands at 54.
We will also cover the stochastic oscillator, which is a momentum indicator that compares a particular closing price of a digital asset to its price range over a specific time period.
Similar to the RSI, it ranges from 0 to 100, and any rate above 80 signals an impending correction. Metrics as of now point at 74 (according to CryptQuant).
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