Based

bullish

Rally

Polkadot

After a significant price decline of over 50% since May 2024, Polkadot (DOT) is now poised for a notable upside rally. The potential reasons for this bullish speculation include recent price action, increased investor interest, and the current bullish market sentiment.   
<h2 class="wp-block-heading" id="h-polkadot-dot-technical-analysis-and-upcoming-levels">Polkadot (DOT) Technical Analysis and Upcoming Levels</h2>   
According to expert technical analysis, since May 2024, <a href="https://coinpedia.org/price-prediction/polkadot-price-prediction/">DOT</a> has followed a lower high and lower low price action pattern while facing resistance from a descending trendline. However, with the recent price rally, DOT has broken out of this trendline, shifting the sentiment from a downtrend to an uptrend.   
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/11/09201206/DOTUSDT_2024-11-09_20-11-39-1.png"><img src="https://image.coinpedia.org/wp-content/uploads/2024/11/09201206/DOTUSDT_2024-11-09_20-11-39-1-1024x448.png" alt="" class="wp-image-378000"></a>
 <figcaption class="wp-element-caption">
 Source: Trading View
 </figcaption>
</figure>   
Based on recent price action and historical momentum, there is a strong possibility that DOT could surge by 75% to reach $7.65 in the coming days. However, DOT may encounter several resistance levels along the way: Resistance (R1) at $5.1, R2 at $5.6, R3 at $6.5, and R4 at $7.6.   
However, considering the current market sentiment, it appears that DOT could easily surpass this level in the coming days.   
Despite this bullish outlook, DOT is currently trading below the 200-day Exponential Moving Average (EMA) on the daily timeframe, indicating a downtrend.   
<h2 class="wp-block-heading" id="h-bullish-on-chain-metrics-and-current-price-momentum-nbsp">Bullish On-Chain Metrics and Current Price Momentum&nbsp;</h2>   
DOT is currently trading near $4.35 and has experienced a price jump of over 1.5% in the past 24 hours. During the same period, its trading volume dropped by 10%, indicating lower participation from traders and investors compared to the previous day.   
Besides small price changes, on-chain metrics further support DOT’s positive outlook. According to on-chain analytics firm <a href="https://www.coinglass.com/currencies/DOT" target="_blank" rel="noreferrer noopener nofollow">Coinglass</a>, DOT’s long/short ratio currently stands at 1.07, indicating strong bullish sentiment among traders. Additionally, its open interest appears to be steadily rising, reflecting growing interest from community members.&nbsp;   
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/11/09201249/image-129.png"><img src="https://image.coinpedia.org/wp-content/uploads/2024/11/09201249/image-129-1024x361.png" alt="" class="wp-image-378001"></a>
 <figcaption class="wp-element-caption">
 Source: Coinglass
 </figcaption>
</figure>   
Based on the data, DOT’s open interest has increased by 2.9% over the past 24 hours and 1.67% in the past four hours.   
A combination of these on-chain metrics and technical analysis suggests that bulls are currently dominating the asset, which could support DOT in achieving a 75% rally in the coming days.

Polkadot (DOT) Breakout Alert, Traders Eye 75% Rally

Table of Contents

CoinPedia News

Other articles published on Nov 9, 2024

Robert Kiyosaki Advocates a Simple Investment Strategy for Bitcoin

Solana (SOL) Exploded 20,000% in 6 Months Last Cycle – Will Any Token Rival This in 2025?

5 Best Cryptos to Buy This November With 10X Potential Before 2025

Ethereum Soars Past $3,000: Will the Momentum Sustain?

Changpeng Zhao Warns Investors Against Greed as Bitcoin Hits Record Highs

Ethereum Foundation Unveils $788 Million ECrypto Treasury with 99.45% Held in Ether

Join our free newsletter for daily crypto updates!