Can Polkadot (DOT) Price Climb to $12 After Defeating Solana and Cardano?

Analysis2wks agoUpdate 6086cf...
45 0

In Brief

  • Polkadot price marked a 12% recovery to reclaim the support of the rounding bottom pattern neckline.
  • DOT outperformed the likes of Solana and Cardano last week in becoming the favorite asset of institutional investors.
  • Investors are gaining confidence toward a rally as the recent recovery induced optimism.

Polkadot price is witnessing the bullish impact of the positive interest it has received from institutional investors. The altcoin seems to be heading towards a previously failed high.

However, it might face multiple resistances in its path, which could subdue the bullishness noted presently.

Polkadot Outperforms Solana and Cardano

Polkadot price recovered by 12% this week and part of the credit for this goes to institutions along with retail investors. Their interest in DOT surged in the week ending March 23, so much so that they picked this altcoin over the likes of Solana and Cardano.

Polkadot recorded inflows worth $5 million, which, albeit not much, is still positive. On the other hand, SOL and ADA both observed outflows worth $5.6 million and $3.7 million, respectively. This shows that institutions opted for DOT this week, which also gave the price a boost.

Can Polkadot (DOT) Price Climb to  After Defeating Solana and Cardano?
Polkadot Institutional Flows. Source: CoinShares

Read More: Polkadot (DOT) Price Prediction 2024/2025/2030

Similarly, retail investors are also exhibiting a comeback of the bullish sentiment following the recovery. This is crucial for Polkadot price as optimism would induce conviction which would keep the altcoin trending upwards.

Can Polkadot (DOT) Price Climb to  After Defeating Solana and Cardano?
Polkadot Investors’ Sentiment. Source: Santiment

DOT Price Prediction: Will Investors See $12 Again?

The bullish cues suggest that Polkadot price is certainly on the path of recovery and will continue rising. Over the past few weeks, the altcoin could be seen forming a rounding bottom pattern. This bullish reversal pattern suggested a potential rally of 31%, placing the target price at $12.

While DOT could not manage to fulfill this target during the previous bull run, it has a shot this time around, provided it can breach through the resistance levels marked at $10 and $11.

Can Polkadot (DOT) Price Climb to  After Defeating Solana and Cardano?
DOT/USDT 1-day chart. Source: TradingView

Read More: What Is Polkadot (DOT)?

This local barrier might act as a hindrance to Polkadot’s rise, and if it fails to breach these resistances, it could fall back down to the $9.2 support floor. Losing this level would invalidate the bullish thesis, causing a decline to $8.

This article is sourced from the internet: Can Polkadot (DOT) Price Climb to $12 After Defeating Solana and Cardano?

Related: This Is Why Bitcoin Might See a Correction Before the Halving

In Brief Bitcoin’s year-to-date price surge of 72% signals a price discovery mode, but indicators hint at a potential correction. Short-term holders sit on 70% profits, and whales offloaded over 80,000 BTC, suggesting a sell-off may be imminent. Despite bearish indicators, Bitcoin ETFs’ accumulation can drive a bullish breakout if BTC sustains closes above $74,000. Bitcoin has once again captured the spotlight, registering a staggering 72% price increase year-to-date. Opening the year at $42,560 and breaking all-time highs to now trade at $73,000, BTC finds itself in price discovery mode. With no historical price resistance or support, the market is tasked with establishing new benchmarks before the halving. Despite this impressive rally, there are indicators suggesting that Bitcoin may be on the verge of a price correction. Bitcoin Whales Are…


© Copyright Notice

Related articles

No comments

You must be logged in to leave a comment!
Login immediately
No comments...