Polkadot Price Surges 15% in 24 Hours with $7.50 Target
The cryptocurrency market experienced significant positive momentum recently, benefiting several altcoins. Notable meme coins like Dogecoin, Shiba Inu, and Pepe saw substantial gains, while altcoins such as Polkadot also indicated potential upward movement.
DOT To Surge 30% In The Next Few Days
Data from CoinGecko indicates that the price of Polkadot has increased nearly 15% in the last 24 hours. Analyst Ali Martinez forecasted a bullish trend for the DOT token, suggesting it could reach a price target significantly above its current level.
Martinez's analysis highlights a bull flag pattern on Polkadot's four-hour price chart, which typically signifies a continuation of an upward trend. This pattern consists of a steep price increase (the flagpole) followed by sideways action. Confirmation of a breakout from this consolidation is essential to validate further upward movement.
The chart illustrates how Polkadot initially appeared to form a bull pennant but subsequently broke out earlier than expected, creating a bull flag pattern. Martinez anticipates the price could rise to $7.50, representing over a 30% increase from its current value, based on the length of the initial flagpole.
Polkadot Price At A Glance
Currently, Polkadot is priced at approximately $5.74, reflecting a 15% increase in the past day and more than a 30% rise over the last week, according to CoinGecko data.
