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The Polkadot (DOT) token has witnessed important downward stress over the previous few weeks. This unfavorable 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 previously few days, having rebounded positively from the $6 mark. A preferred analyst on the X platform has put ahead an thrilling projection for DOT, saying the token appears to be like 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 response to Poppe’s submit on X, DOT is approaching a major assist stage in three days. The analyst recognized the assist zone between $5.60 and $6 whereas highlighting the necessity for this stage to carry robust.
3-day chart exhibiting completely different essential zones of the Polkadot value | Supply: Michael van de Poppe/X
If the assist stage 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 symbolize an enormous 150% upswing from the present value level. However, this might 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 response to his evaluation, there’s important resistance for the altcoin to beat at across the $9.39 stage.
DOT final hit this value level on Boxing Day. Resistance precipitated the coin’s worth to break down; since December 26, 2023, it has dropped by nearly 30%.
DOT Worth Overview?
As earlier inferred, Polkadot’s price has carried out poorly for the reason that flip of the yr. In response to knowledge offered by CoinGecko, the cryptocurrency’s worth has dipped by nearly 24% previously month.
As of this writing, the DOT price is $6.69, reflecting a 3.8% improve within the final 24 hours. Nonetheless, the coin continues to be purple on the weekly timeframe, with a 2.3% value droop over the previous seven days.
Nonetheless, Polkadot ranks because the Thirteenth-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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