Litecoin

Bull Market

Polkadot

Notable

Gains

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/polkadot-gains-traction-in-bull-market/" data-wpel-link="internal">Polkadot Gains Traction in Bull Market</a> 
As the influence of institutions carries significant weight in this year’s bull market, corporate preferences for cryptocurrencies are becoming increasingly important. <a href="https://en.coin-turk.com/crypto-market-springs-to-life-with-new-developments-and-legal-victories/" data-wpel-link="internal">Polkadot</a> has been showing impressive performance since the beginning of the year. Could this situation further increase the price of the cryptocurrency Polkadot (<a href="https://en.coin-turk.com/polkadot-dot-showcases-strong-performance-against-us-dollar/" data-wpel-link="internal">DOT</a>)? 
<h2 id="polkadot-dot-achieves-notable-returns">Polkadot (DOT) Achieves Notable Returns</h2> 
DOT has yielded higher returns than competitors like <a href="https://coin-turk.com/litecoinde-ltc-uzman-gorusu-ltcde-trend-kirildi" data-wpel-link="internal">Litecoin</a> since the beginning of the year. Since the beginning of this month, Polkadot’s performance has also surpassed major cryptocurrencies like <a href="https://coin-turk.com/elon-muskin-yeni-hamlesi-xrp-toplulugunu-ayaga-kaldirdi-xrp-icin-olumlu-mu" data-wpel-link="internal">Ripple</a> and <a href="https://en.coin-turk.com/cardano-experiences-notable-price-movement-and-volume-surge/" data-wpel-link="internal">Cardano</a>. Although both continue to be institutional favorites, DOT has managed to outpace them. 
<img loading="lazy" loading="lazy" decoding="async" class="wp-image-326475 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/03/polkatot-coin-turk-com-.webp" alt="" width="936" height="692"> 
This situation indicates that institutions may be observing a potential that they have not yet recognized. In addition, the belief that Polkadot’s price-to-sales (P/S) ratio is low supports this view. The Price-to-Sales (P/S) ratio evaluates a company by comparing its total sales revenue with its market value. This ratio helps assess a company’s valuation relative to its revenue generation. 
<img loading="lazy" loading="lazy" decoding="async" class="alignnone wp-image-326476 size-full" src="https://coin-turk.com/wp-content/uploads/2024/03/token-dot-coin-turk-com-.webp" alt="" width="1536" height="643"> 
While a low P/S ratio usually indicates better value, a high ratio can signal overvaluation. This is applicable to Polkadot (DOT) as well, as DOT’s P/S ratio is significantly below the historical average. 
<h2 style="text-align: justify" id="dot-price-forecast-is-there-potential-for-growth">DOT Price Forecast: Is There Potential for Growth?</h2> 
In recent weeks, a rounding bottom formation has been observed in Polkadot’s price. Since the beginning of the year, prices have completed this bullish formation by surpassing the neckline established at the beginning of the month. 
This rounding bottom formation indicates a reversal of the downtrend. This “U” shaped pattern on the charts suggests that the previous downward trend is slowing down and giving way to buying interest. 
<img loading="lazy" loading="lazy" decoding="async" class="wp-image-326477 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/03/btc-coin-turk-com-1-7.png" alt="" width="919" height="407"> 
Moreover, this formation is often considered a sign of the exhaustion of the downtrend before the price crosses above the neckline. Polkadot’s price has completed half of the expected 31.3% growth, reaching $10.61, and is approaching the $12 target price. 
However, if market conditions do not support further rises or if DOT’s price cannot surpass the $11 level, the upward momentum may slow down. In that case, the price could retreat to $10. Furthermore, DOT could fall to $9.20 if it experiences more momentum loss. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/polkadot-gains-traction-in-bull-market/" data-wpel-link="internal">Polkadot Gains Traction in Bull Market</a></h5>

Polkadot Gains Traction in Bull Market

Table of Contents

COINTURK NEWS

Other articles published on Mar 12, 2024

Solana (SOL) Gaming Rival Predicted Tier 1 Listing This Year, Solana Investors Flock Into New Cry...

The winning triad of the day! TON, INJ, and XRP leading the crypto revolution!

Bitcoin & El Salvador: The Water & Electricity of the Blockchain World

Analyst Predicts Bitcoin’s Potential Surge to $140K in 18 Days

Gas Token: What is Gas and What Caused a 300% Rise In It

Bad Idea AI Surpasses Population of 200,000, Reinforcing Its Position in the Cryptocurrency Ecosy...

Join our free newsletter for daily crypto updates!