Polkadot Price Gains 107.5% in 30 Days, Analyst Warns of Support Level
Polkadot (DOT) has gained 107.5% in the last 30 days, recently reaching $8.81, its highest price in five months.
Polkadot Must Stay Above $8.60 — Analyst
Crypto expert Rekt Capital emphasized the importance of maintaining a support level at $8.60 for DOT's upward trend. Following a 35% rally, Polkadot closed above this level, previously a resistance point. A successful retest of $8.60 is crucial to avoid a potential decline, as seen in April 2024 when it dropped to $5.80 after a failed retest. If it holds above this support, a rise to $12.61 may occur, indicating a possible 46.11% price increase. This forecast aligns with analyst Ali Martinez's prediction of a target of $11.
DOT Price Overview
Polkadot currently trades at $8.68 after a 2.12% gain. Daily trading volume increased by 21.78%, now at $795.37 million. Market sentiment remains bullish, supported by a Fear & Greed Index of 78, indicating extreme greed. Additionally, the total valuation of USDT and USDC on Polkadot reached $120 million, reflecting increased liquidity and trading activity. With favorable market conditions and growing stablecoin adoption, Polkadot is expected to maintain an upward trajectory, although these projections depend on overall market dynamics.
