Cryptocurrencies

Polkadot Price Prediction As DOT Gains 61% In December

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Written By: Abdullah Sarwar
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    Summary:
  • DOT Outlook: Polkadot price is facing resistance from the weekly supply zone above $9.68. A breakout above this level may unlock a huge upside.

Polkadot (DOT) price is facing a major resistance which needs to be overcome in order to achieve glory. The smart contract cryptocurrency is finally catching up with its peers after an incredible 61% pump this month. However, further upside depends on the bulls’ ability to break above $9.68 resistance which we will discuss later.

At the time of writing, DOT crypto is trading at $8.85 during its New York session on Wednesday. This is a 0.46% gain which comes after a 4.05% pullback on Tuesday. However, it is still holding $8.50 support on the 4H timeframe which suggests that there’s another bullish leg around the corner.

Most altcoins are trading below their weekly highs as Bitcoin price took a nosedive yesterday. Nevertheless, DOT/USD is still maintaining its bullish market structure which can push it higher in the coming days.

To take a better shot at Polkadot price prediction, let’s analyze it in a weekly timeframe. In this regard, the following chart shows consolidation just below the weekly resistance of $9.68. A breakout above this level is expected to unlock a huge upside. The immediate bullish target could be the $13.74 which is the 0.5 fib retracement level.

If the broader market conditions remain positive, a move toward $16.12 is also possible which is the 0.618 fib retracement level when connecting its all-time highs ($41.7) to the bear market lows of ($3.62).

DOT/USD Chart

This post was last modified on Dec 27, 2023, 18:15 GMT 18:15

Written By: Abdullah Sarwar

Abdullah Sarwar is a blockchain analyst and a cryptocurrency investor with more than 5 years of experience. He specializes in providing crypto price projections based on their fundamentals and price charts. He is also a successful day trader. He graduated in 2015 with a degree in electronic engineering. In his free time, he loves listening to electronic music and playing with trading bots.

Published by
Written By: Abdullah Sarwar