Polkadot (DOT) Price on the Cusp of a 79% Rally

23 April 2024

in DOT

Reading Time: 2 mins read

Amid the ongoing cryptocurrency recovery following the fourth Bitcoin (BTC) halving over the weekend, Polkadot (DOT) price rallied around 5 percent to trade at about $7.44 on Monday during the early New York session. The mid-cap altcoin, with a fully diluted valuation of around $10.6 billion, is on the cusp of a major uproar in the coming weeks.

Notably, the DOT price against the US dollar has severely retested the support level of around $6.6 in the recent past, thus signaling an inevitable bullish continuation. Additionally, DOT price rebounded on the weekly 50 Moving Average (MA) for the first time since the beginning of the 2022 crypto bear market.

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Analyst’s Take on Midterm DOT Price Expectations

According to a popular crypto chartist alias World of Charts on the X platform, DOT price is on the precipice of a 79 percent rally in the coming weeks toward $15. The crypto analyst argued that the DOT price in the four-hour time frame has been forming a bullish pennant.

As a result, the crypto analyst concluded a bullish breakout is inevitable especially if Bitcoin price reaches a new all-time high soon.

Why Bet on Polkadot?

On the top list, the entire altcoin industry will rally hard in the coming months, especially after Bitcoin dominance begins the inevitable reversal. Polkadot is a top-rated altcoin with a real-world use case for its network, thus the growing DOT popularity and adoption.

Notably, Polkadot is a major layer-zero metaprotocol that connects the internet of chains through its Parachains. With the growing need to build interoperable web3 protocols, Polkadot has a decent opportunity for mainstream adoption.

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