DOT Price Breakthrough Signals 40% Hike Potential! 

The post DOT Price Breakthrough Signals 40% Hike Potential!  appeared first on Coinpedia Fintech News

Ranking amongst the top gainers in the top 100 altcoins, the DOT price recovers sharply with the market-wide sentiments on the rise. The Bitcoin Spot ETF approval brings the long-awaited bullish tide, resulting in the Polkadot price rechallenging the $8.35 resistance. 

With the buyers ready to hoard more of altcoins at a time like this signals a strong bull run possibility in 2024. Therefore, with the improving sentiments and the growing market, the Polkadot price prediction signals a further recovery. 

Source – Tradingview

In the weekly chart, the DOT price shows a remarkable trend reversal with a falling channel breakout. The breakout rally unleashes the trapped bullish momentum and results in a jump to $8.35 ceiling from the low of $3.56. 

However, the short-term consolidation eventually leads to a brief pause and an evening star pattern. Nevertheless the. Support from the 50-week EMA and the recent market recovery changes the dynamic. 

At press time, the DOT price trades at $ 8.20 and shows a weekly growth of 18.84%, leading to a strong bullish candle. Thus, the buyers are teasing a potential breakout of the $8.35 resistance level. 

Technical Indicators:

MACD indicator: The MACD and signal lines maintain a bullish trend despite the weakness in the positive histograms. However, the recent spike hints at a potential resurgence in trend momentum.

EMA: The 50W EMA provides dynamic support to the DOT price and helps sustain the uptrend. 

Will The DOT Price Breakout Run $10?

As we enter a bullish 2024, altcoins are taking off, and DOT is shifting gears to a bullish expressway. Polkadot’s price is on the cusp of a breakout rally, targeting the $8.35 milestone with sights set on the $10 mark. 

On the flip side, should a downturn occur, it’s poised to test the 50W EMA or possibly dip to $6.