Polkadot price gained traction on Wednesday and lifted off nearly 4% by the afternoon session. The bulls are playing aggressive bets which may help the crypto gain more by the end of today’s session.
The DOT crypto witnessed an engulfing candlestick in the last week after rebounding from the lower levels. The price closed near the highs last week indicating early signs of a bullish breakout.
Moreover, the buyers defended the price near the previous week high in the earlier sessions of this week intending to lift the price higher. The bulls established themselves near the 50-Day EMA and the crypto registered a breakout on the upper side on Wednesday.
Currently, the sellers have surrendered at the lower levels due to which the buyers have gained complete domination over the trend. The nearest hurdle for buyers on the upper side is the $7.75 level. The breakout of this level may unlock upside potential till the $10 level.
Polkadot Crypto Volume Analysis
The volume analysis shows that the DOT crypto received a total volume of $293.93 Million in the past 24 hours which was nearly 8% higher than the previous day. The live market capitalization of DOT crypto is $9.78 Billion and stands 13th in the overall crypto market. The volume to market cap ratio is 2.97% indicating very low volatility in the crypto.
Polkadot Crypto Technical Analysis
From a technical perspective, it was observed that DOT cryptocurrency is trading above the 20, 50 and 200-Day EMAs, suggesting a bullish outlook.
The MACD line was placed at 0.10 points after surpassing the zero line, highlighting short-term positive sentiments. Also, the MACD line has made a bullish crossover on the signal line, suggesting the start of a new bullish wave.
At the time of writing, the RSI line was at 63.80 points and that of the SMA line was at 51.78. Both the RSI and SMA line have made their way above the mean line indicating a positive sentiment.
Polkadot Price Prediction February 2024
The most optimistic view of analysts assumes that the price may attain a high of $10 if it breaks above the recent supply of $7.75 by the end of February 2024. However, the pessimistic view of analysts predicts that the price may slide near the recent support and 20-Day EMA at $7 level.
Polkadot Price Prediction 2024
The price forecast for the year 2024 is that the DOT token price could reach a high of $13.94, suggesting a potential gain of nearly 81.29%. On the other hand, the bearish outlook of the analysts predicts that the price could reach $10.93 by the end of the year.
Polkadot Price Prediction 2025
By the year 2025, the Polkadot price may attain $19.13 on the upper end. On the flip side, the minimum price up to which the crypto price may rise by the year 2025 is $13.40.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
Source: https://www.thecoinrepublic.com/2024/02/14/polkadot-price-lifts-off-4-can-dot-conquer-10-mark-in-february/