Polkadot (DOT) Seen Reversing Losses With 116% Rally To $10 – Analyst
12 Agosto 2024 - 4:30PM
NEWSBTC
Polkadot token DOT has indeed been hot on the cryptocurrency market
throughout the week, appreciating over 21%. Despite the gains
bringing further enthusiasm among the investors, the token pressed
on higher and continues to trade at $4.65 with a market
capitalization of more than $6.6 billion. Now ranking 17th in the
largest cryptocurrencies, investors and DOT aficionados cannot stop
wondering if it can sustain its momentum. Related Reading: Solana
Rockets Up 23% As Developments Spark Investor Interest Something is
literally now hyping in the air, particularly after the analysis of
the popular crypto analyst known as “Zayk Charts.” The analyst
observed a falling wedge pattern on the 2-day chart for DOT/USDT,
and it could truly be a game-changer. $DOT Falling Wedge Formation
in 2D Timeframe✅ Incase of Breakout,Next Target wil be $10📈#DOT
#DOTUSDT #Polkadot #Crypto pic.twitter.com/xgqyjAN4ul — ZAYK Charts
(@ZAYKCharts) August 11, 2024 This is usually a bullish sign and
gets more than 70% ripeness for triggering a trend reversal of the
negative variety. If DOT breaks out of this wedge, Zayk Charts
predicts it could shoot straight up and target a price as high as
$10. Polkadot ‘Greed’ Factor While the technical analysis looks
good for DOT, when we overlay the sentiment, it only makes things
more complex. Polkadot’s Fear and Greed Index recently shifted into
a “Greed” phase. What does it mean? In plain words, investors are
getting excited—maybe a little too excited. The “Greed” phase
usually means that it is creating an irrational stage in bullish
investors’ minds, where they just think prices are to go up and
never go down. While being great for short-term gains, there’s a
catch. Too much greed inflates prices higher than they are truly
worth, hence creating a bubble. While the “Greed” period, of
course, introduces on the radar screen strong market performance,
it also carries with it red flags toward a possible market
correction. In short, would we have to face a bubble, or is it just
the beginning of an upward long-term trend? Technical Analysis:
Falling Wedge And Breakout Potential Back to the technical front.
The falling wedge pattern is very important, and Zayk Charts marks
it accordingly. Technically, this pattern is known to be a bullish
reversal pattern. It forms when the price of a coin trades lower
but with the rate of decline decreasing, which then results in the
formation of a converging trend line. A breakout from this pattern
usually results in a massive price increase. Breaking out of this
wedge could be the key to $10 for DOT, which means a 116% increase
for the altcoin. That would be a huge comeback for the
cryptocurrency, a move that would easily regain investors’
confidence and re-cement Polkadot’s status as a force to reckon
within the market. Like any other prediction done in the highly
unpredictable world of crypto, however, this also comes with no
guarantees. Related Reading: Fantom (FTM) Poised For Massive Bull
Run, Analyst’s 234% Rally Prediction Raises Eyebrows Price Forecast
And Investor Outlook On a broader perspective, DOT still hovers
with very positive sentiments. According to data from CoinCheckup,
the DOT token is poised for an upsurge in strength. The platform
gave a forecast that, in the coming three months, it would climb up
by 245%. Should such an event ensue, this would be a massive
comeback for the token. But that’s not all. In the coming six
months, Polkadot is projected to climb 180%, and in a one-year time
span, it is expected to rise 166%. Featured image from Host
Merchant Services, chart from TradingView
Polkadot (COIN:DOTUSD)
Gráfica de Acción Histórica
De Jul 2024 a Ago 2024
Polkadot (COIN:DOTUSD)
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De Ago 2023 a Ago 2024