2024-11-30 15:00:42 by NewsBTC

Polkadot (DOT) Must Retest Crucial Support To Sustain Uptrend – Details Amidst the recent euphoria around the cryptocurrency market, Polkadot (DOT) has stood out as one of the best-performing assets, notching a 107.5% price gain in the last 30 days. The prominent crypto asset recently surged to $8.81, representing its highest price point in the past five months.  However, as the Polkadot market remains ravaged with positive sentiments driven by price action and recent network reports, crypto market expert with X username Rekt Capital has shared a valuable cautionary insight. Polkadot Must Stay Above $8.60 — Analyst In a recent post on X, Rekt Capital highlighted a crucial support level needed for DOT to maintain its current upward trajectory. The analyst explains that following its recent 35% rally in the past seven days, Polkadot has now recorded a weekly close above $8.60, a previous resistance level now turned support.  Rekt Capital predicts the altcoin is likely to retest to this price level in a move that previously spurred a bullish run to the token’s current all-time high of $55.00 in 2021. However, the crypto pundit notes that Polkadot has also experienced a failed retest at this support zone in April 2024 sliding to $5.8 i.e. a potential 32% decline from the asset’s current market price.  Therefore, DOT bulls need to ensure a successful retest of $8.6 to ensure the coin maintains its current upward momentum. Importantly, a monthly close above this support level indicates the potential for significant price gains in the coming weeks. If this successful retest occurs, Polkadot is expected to rise to $12.61, suggesting a possible 46.11% increase in the asset’s price. Interestingly, Rekt Capital’s DOT prediction is similar to that of fellow analyst Ali Martinez who had forecasted the coin to reach $11 following a breakout to $6 one week ago. Source: Rekt Capital on XDOT Price Overview According to data from CoinMarketCap, Polkadot continues to trade at $8.68 following a 2.12% gain in the past. In tandem, the altcoin’s daily trading volume has surged by 21.78% and is now valued at $795.37 million.  Data from Coincodex shows that general market sentiment on the altcoin remains highly bullish as indicated by multiple factors including a Fear & Greed Index of 78 that represents extreme greed.  Furthermore, stablecoins adoption on Polkadot continues to grow as the total valuation of USDT and USDC on the blockchain network recently reached $120 million. This development indicates increased liquidity and trading activity that could spur demand and price increases for DOT.  Considering these factors combined with a booting altseason and high market enthusiasm towards the incoming Donald Trump administration, Polkadot is tipped largely to retain its upward trajectory. However, these projections are not guaranteed and are subjective to all market conditions. DOT trading at $8.674 on the daily chart | Source: DOTUSDT chart on Tradingview.comFeatured image from Binance Academy, chart from Tradingview Semilore Faleti Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency. Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems. In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others. In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies. Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends. Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination. He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society. In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come. His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry. Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future. Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.