Polkadot’s native token, DOT, looks ready for a significant breakout, following a price trend seen recently in Fantom. Noted crypto analyst Ali Martinez believes that if this trend continues, Polkadot could first rise to $9.70. After a short pullback to $6.70, Martinez predicts that DOT may even soar to an impressive $20.
Is there real data to back this up? Let’s help you with the answers.
According to Martinez, Polkadot’s current movement aligns with patterns observed in Fantom’s past price charts. In this expected scenario, DOT could initially make a strong upward move to $9.70, which would act as a key resistance level for the token.
However, reaching this level is likely to trigger selling pressure, potentially causing a dip to $6.70. While this decline may worry some investors, it could provide a great opportunity for bullish traders looking to buy in or strengthen their positions before a larger rally.
If Polkadot maintains this trend, Martinez believes it has the potential to reach an impressive target of $20. Breaking out to this level would place DOT near the top of its historical price range, sparking further interest from the broader crypto market.
After a strong end to last week, Polkadot (DOT) is facing challenges in keeping its upward momentum. While Bitcoin saw a nice jump, many other altcoins followed suit, and DOT managed a 5% increase, reaching $4.42. However, it has settled at $4.27.
For DOT to regain its bullish momentum, buyers need to push the price above $4.60. They also need to break through the 20-day and 50-day Simple Moving Averages (SMAs). This won’t be easy, but if they succeed, DOT could reach the $6.30 level again.
Bearish Signals to Watch
On the downside, there’s some concerning news. The MACD indicator has just shown a bearish crossover, meaning the MACD line has fallen below the Signal line. This suggests that sellers may currently have the upper hand.
Will Polkadot (DOT) defy the odds and reach $20? Only time will tell.
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