Polkadot Price Continues to Rise: A Market Structure Analysis

user avatar

by Giorgi Kostiuk

2 years ago


The Polkadot price has increased by 7%, reaching about $7.20. Discussions in the crypto community have intensified after the release of a chart showing possible changes in the long-term trend.

Current Polkadot Price Situation

Despite the current increase, Polkadot remains below its 2024 annual high of $10.73. A recently published chart showed a breakout from a long-term descending trendline, potentially indicating a slowing bearish trend. A strong support zone has formed between $6 and $6.50.

Technical Analysis and Market Targets

The chart identifies $13 as the resistance level. Long-term forecasts indicate a potential move towards $30, representing a 377% increase from the $6.50 retest level. Predictions are based on a series of higher lows and highs and increased trading volume.

Prospects and Potential Achievements

For short-term traders, targets range between $13 and $15, with a more optimistic scenario of reaching $30 by mid to late 2025. However, this largely depends on market-wide conditions.

Polkadot's price shows potential growth signs amid changing market structures. However, further achievements will depend on broader market situations.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

HashKey RWA Introduces First Product in hToken Series

HashKey RWA has launched its first product in the hToken series, aimed at standardizing the issuance of tokenized securities for traditional financial institutions.

user avatarSatoshi Nakamura

Coinbase Announces Discontinuation of GYEN Stablecoin Support

Coinbase has announced the discontinuation of support for the yen-linked GYEN stablecoin as its issuer, GMOZcom Trust Company, retires the product.

user avatarJesper Sørensen

Hong Kong Approves Secondary Trading for Tokenized Money Market Funds

Hong Kong Securities and Futures Commission approves secondary trading for two tokenized money market funds, enhancing trading opportunities and liquidity.

user avatarRajesh Kumar

Bitmine Immersion Technologies Reports Significant Ethereum Holdings

Bitmine Immersion Technologies has filed an update with the SEC revealing significant Ethereum holdings of approximately 605 million ETH and total investments around $15 billion.

user avatarLucas Weissmann

Stellar's Bell Upgrade Introduces Key Infrastructure Enhancements

Stellar's Bell upgrade introduces significant infrastructure improvements, including muxed contract addresses and support for post-quantum signature verification.

user avatarMaya Lundqvist

Strive Acquires 6,182 Bitcoin Amid Market Volatility

Strive disclosed the purchase of 6,182 bitcoin between October 17 and October 23, 2023, raising its total holdings to 43,000 BTC amid market volatility.

user avatarFilippo Romano

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.