The cryptocurrency markets started the day quietly, and the recent fake news about XRP Coin triggered the decline. Although the mystery of how a fake application can be made with BlackRock information is still unknown, investors prefer to remain cautious today as the US inflation data will also be announced. So what will happen to the price of Polkadot (DOT)?
Polkadot (DOT)
In October, the price of DOT Coin dropped to a low of $3.56. In February, DOT Coin fell below the descending resistance line and also violated the critical support area of $4.4. Altcoin, which was able to benefit from the recent market rally to a minimum extent in the last 4 weeks, broke out of the decreasing resistance trend line in October and reached its 200-day high of $5.9.
Although this comeback increases hopes for a long-term recovery, the increasing sales in the spot markets in the last 24 hours are worrying investors. For now, the RSI supports the price increase and is above 50.
So what do the experts think? Analyst DavidOnCrypto believes that the price will soon reach double-digit figures. He expressed this as follows;
“The breakout is completed. Retesting is being done, the rally can be extended”.
RektCapital does not seem hopeful for a strong rally unless the $8 resistance area is surpassed. Nebraskangooner, while saying that the price will continue to rise, did not share a price target.
Will DOT Coin Reach $10?
DOT Coin is a project with solid fundamentals, and a price target of $10 is not an overly ambitious figure considering its past performance. Elliott wave counts are frequently used for long-term price movements, and there is a nice setup on the DOT Coin chart as well. If the count is correct, we see that Polkadot has completed a five-wave downward movement since its all-time high in November.
At this stage, a rally or a definitive trend reversal should begin. The bullish divergence in the weekly RSI since the beginning of the year further supports the ongoing upward momentum. Such a divergence typically triggers a reversal from trend bottoms.
In conclusion, if the expected rise begins, it is possible for the price to reach $10, but the level of $4.4 needs to be maintained.
