Can Polkadot (DOT) Reclaim the $10 Mark?
The price of Polkadot (DOT) appears to be on the way to a major rally where the altcoin can recover from recent losses.
A major component has a big hand in making this happen, and as long as it's in place, it's possible to scale up.
Polkadot has won the favor of this group
Institutions influence Polkadot's value, and the altcoin is positioned to take advantage of this. In Q1, DOT received significant revenue from institutional investors.
Year-to-date revenue reaches $17 million, the highest for any altcoin since Ethereum. Even the likes of Solana, XRP and Cardano are much smaller than Polkadot. This shows that DOT has gained institutional favor and can benefit greatly from it.
In addition, the cryptocurrency is seeing increasing investor optimism. Their overall sentiment has been increasingly positive, indicating that the altcoin's rally has the potential to rally.
Read more: Parastat's Guide: Enabling Ethereum DApps on Polkadot
Bullishness convinces investors to hold on to assets in anticipation of rising prices. This resets Polkadot's price, eventually recovering losses and sending it to new highs.
This seems to be the case with DOT at the moment as well.
DOT Price Forecast: Rally in the Middle?
Polkadot price trading at $8.5 is currently stuck in a falling wedge shape, which is likely to occur in the coming days. A falling wedge pattern is defined by a combination of downtrends, indicating that a bullish reversal is likely to occur. Elevation is often accompanied by increased volume.
According to the pattern, the Polkadot price can see a rally of 22.89%, which can send DOT to test the resistance level, which is $10.67. When they do this, the altcoin recovers $10 as a support floor.
Read More: Polkadot (DOT) Price Prediction 2024/2025/2030
But this depends on when the DOT breaks out from the lower trend line. The fact that this line meets the $8 support is crucial, and a break through it will send the Polkadot price to $7.5, invalidating the bullish thesis.
Disclaimer
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