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- 1 Polkadot price prediction is bullish for January 2024 and suggests that the $10.00 mark is likely to be achieved.
- 2 DOT price rose 55% in December 2023 and succeeded to break out of the $8.00 barrier.
- 3 The sudden rise in buying volume has positively impacted the DOT cryptocurrency.
Polkadot price prediction stays bullish for January 2024 til it sustains above the $6.361 level. It showed a steep rise and displayed a massive breakout of $8.00 hurdle which grabbed the attention of investors.
DOT price is forming a bullish pattern and trading above both the EMAs showcase uptrend. The recent move in DOT is supported by a higher volume which increases the reliability of the breakout.
However, the price looks overbought and is near the supply zone. So a short term correction may hit the price anytime. Polkadot crypto price has gone far away from the 50 day EMA. So, if the price retrace downward then it will be good for fair price discovery.
In the current month, DOT crypto price rose 55% which is the highest monthly gain of 2023. It clearly shows that bulls are active and their dominance is visible. The recent breakout has triggered the positive sentiment and fueled the upward momentum.
However, it will be interesting to see how the bulls will react at the $9.00 resistance level. If buyers succeed to take control over the supply zone, then a sharp rise toward $10.00 is likely.
Polkadot Price Getting Ready For $10.00 Breakout?
Polkadot price performed well in December 2023 and rewarded its short term as well as long term investors. The next phase of the rally will trigger when buyers are able to take out the $10.00 barrier.
The chart pattern says DOT coin look overstretched so minor consolidation is possible before resuming the rally.
Till the crypto price holds the $6.361 support the buyers will be active and possibility of the breakout remain high. The analysis suggests the DOT is in uptrend and may hit a new swing high in January 2024.
DOT Price Analysis: Will Bears Step Back From Supply Zone?
The DOT price rose by 28% in the current week and formed a bullish candle. It broke out of the Year-till-date high which panicked the sellers. Bears prefer to shift backwards and lose control near the $8.00 level.
Presently, bulls are chasing the $10.00 mark and a successful breakout may attract more investors. The MACD curve is pointing northwards and the histogram bar is forming higher highs, highlighting bullishness.
Whereas, the RSI at 70 denotes oversold territory so a minor correction may trigger anytime from the highs.
Conclusion
Polkadot price prediction suggests a rise in the short run. The bulls look aggressive and may continue to lead the rally in coming months.
If the buyers sustain the recent gains and hold the price above $8.00 level. Then slowly and steadily it may eventually achieve the $10 and may fly above it.
Technical levels
- Resistance levels: $10.021 and $12.001
- Support levels: $6.361 and $4.817
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
