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- DOT may witness a resistance close to the $8.6 mark within the coming days.
- Polkadot was down by 13% within the final seven days, and indicators appeared bearish.
Polkadot [DOT] is swiftly making its method on the listing of the highest 10 cryptos by market capitalization, due to its worth positive aspects. Aside from DOT, Solana [SOL] and Avalanche [AVAX] additionally displayed promising performances within the current previous.
Nonetheless, issues for DOT appeared higher than the remainder of the 2, if the newest information is to be thought of.
Polkadot’s worth to skyrocket in 2024?
Polkadot registered an enormous uptick in its worth over the last month of 2024. As per CoinMarketCap, DOT was up by greater than 48% within the final 30 days.
On the time of writing, DOT was buying and selling at $8.13 with a market capitalization of over $10 billion.
Due to the bull rally, DOT managed to change into the eleventh largest crypto by market cap. Aside from Polkadot, SOL and AVAX additionally registered promising positive aspects throughout the identical time.
However Tony, a preferred crypto analyst, identified that whereas the latter two had a couple of resistance ranges to witness, DOT had a clear method forward because it was but to achieve its first resistance degree.
— Tony ₿itcoin⚡ (@Toni_Bitcoin) December 31, 2023
Subsequently, to higher perceive whether or not DOT’s method forward is straightforward, AMBCrypto checked Polkadot’s liquidation heatmap. Our evaluation discovered that issues have been extra sophisticated than they appeared at first look.
The token witnessed an enormous enhance in liquidation close to the $9.2 mark, after which its worth began to drop. Polkadot’s liquidation then elevated when its worth reached $8.6, inflicting an extra worth plummet.
Therefore, DOT should transcend these ranges to provoke a bull rally in 2024.
How possible is it for DOT to start out a bull rally?
Regardless of the hike in DOT’s worth final month, its worth motion has turned bearish within the current previous. This was evident from the truth that DOT was down by 13% within the final seven days.
Nonetheless, the excellent news was that whereas the token’s worth dropped, its Open Curiosity additionally fell. At any time when Open Curiosity drops, it will increase the probabilities of a development reversal, suggesting a worth uptick.
It was fascinating to notice that whereas DOT’s worth sank, its funding charge remained excessive, reflecting its recognition within the derivatives market.
Learn Polkadot’s [DOT] Worth Prediction 2023-24
Upon checking DOT’s every day chart, AMBCrypto discovered fairly a couple of bearish indicators. As an illustration, Polkadot’s worth touched the higher restrict of the Bollinger Bands at press time. Its MACD additionally dilated right into a bearish crossover.
DOT’s Relative Power Index (RSI) moved southward, growing the probabilities of a continued downtrend within the days to observe.