Polkadot Price Prediction, Will It Mirror Solana Success Story
- Polkadot secured the second spot in the highest revenue rate among blockchains over the last seven days, according to a tweet by Polkadot Insider on December 20.
- Experiencing a significant boost in market capitalization, Polkadot climbed the ranks in the top gainers chart, signaling a remarkable comeback by the end of 2023.
- The price trend of DOT exhibited a noteworthy recovery, gaining momentum with a bullish surge. The weekly chart breakout fueled buyer enthusiasm.
Polkadot price could hit $10 if it stays above $8.
According to Coingabbar Technical Analysis, The DOT price uptrend gains momentum through a breakout in the weekly chart channel.
With a 124% recovery over the last three months from the 2023 low of $3.56, DOT's current rally hints at a potential breach of the $10 mark if the current momentum persists.
The ongoing breakout rally challenges the critical 23.60% Fibonacci retracement level, suggesting a potential extension of the bullish trend.
The recovery not only signifies a notable end to a lower high formation but also signals the release of previously constrained bullish momentum.
An impressive 21.70% overnight surge in the DOT price is underscored by a bullish engulfing candle.
Currently trading at $8.00, DOT indicates a 4.87% intraday dip, pointing towards a temporary pullback as the bullish momentum takes a breather.
The key question remains: Will DOT manage to maintain its value above the 23.60% Fibonacci retracement level?
KEY LEVELS :
RESISTANCE LEVEL : $8.40-$9.00
SUPPORT LEVEL : $7.60-$7.20
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
