Polkadot (DOT) Price Analysis: Can DOT Climb Higher？

Analysts suggest various projections on Polkadot (DOT) with the cryptocurrency showing mixed sentiment. Some expect a short-term bullish movement, while others focus on long-term upward trend possibilities.

The DOT price is currently around $4.075, fluctuating within a significant support zone.

Price Analysis: Short-Term Challenges

Looking at the DOT daily chart, we can see that the price has depreciated by 1.28% from yesterday. The price decreased recently from $4.50 which shows that the price is failing

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A potential support level has emerged near $4.00, where consolidation may stabilize the decline.

1-day DOT trading chart| Source TradingView

The Relative Strength Index (RSI) is 43.25 less than the 50 mark which serves as the neutral territory. The readings indicate that DOT has not yet recovered from the bearish run, suggesting weak buying pressure.

Another decline might be observed if the indicator remains below 40, signaling higher selling pressure.

At the time of writing this, the MACD line is at -0.024, only slightly above the signal -0.030. This shows a slight bullish crossover, however, the longer-term trend is still bearish.

Analyst Projections: Conflicting Forecasts

According to an analyst, best_analysts Polkadot could see a bullish breakout in the short term. Therefore, from the analyst chart, the price may increase to $4.50 after crossing $4.14.

???? LONG: #DOTUSDT | $DOT | 4h

DOT's price broke $4.14, likely to rise to $4.50 with resistance at $4.24 before a minor correction.

— Crypto | #1 Free Signals (@best_analysts) October 28, 2024

However, the resistance levels of $4.2484, $4.3607, and $4.4324 may slow this upward movement.

The breakout from the triangle suggests DOT could continue to rise as per the analyst adding an upward possibility.

But a pullback around $4.24 may stalk the upward movement towards other targets. In the long run, DOTs long-term price prediction relies on breaking through the short-term barrier.

A reclaim of $4.50 could lead to greater market demand. Failure to maintain support at $4.14 might risk a return to earlier lows.

Long-Term Potential: Bullish Scenario Remains Possible

In a separate analysis, analyst ChartNerdTA sees a more aggressive path for Polkadot targeting the 1.272 Fibonacci extension at $117. This scenario assumes a breakout from a falling wedge pattern which historically implies a potential reversal.

ChartNerdTA noted, “This sleeping Parachain giant could easily pull a 27x from current prices.” The analyst states that the market conditions may have changed since the analysis. Therefore, traders should review the latest trend to determine whether this scenario holds.

$DOT is on a mission to its 1.272 FIB extension target at $117. Doesnt feel it, but this sleeping Parachain giant could easily pull a 27x from current prices #Polkadot

— ???????? ChartNerd ???? (@ChartNerdTA) October 24, 2024

The falling wedge pattern gives up for a bullish reversal, but it depends on market momentum. If the price breaks the descending resistance, we could see an upward movement.

The potential for reaching the $14.1132 level is crucial for validating this longer-term outlook.

Analysts are watching for a breakout or breakdown in the coming days. Polkadots ability to hold key support levels and overcome nearby resistance will determine the validity of each scenario. Traders should focus on price movements and technical confirmations to make informed decisions.