Polkadot (DOT) Price Finally Turned Bullish: Why 2x Rally Is Possible?

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As a seasoned crypto investor with a decade of experience under my belt, I have witnessed numerous market fluctuations, bull runs, and bear markets. The recent surge in the crypto market following the US election results has been no exception, with Polkadot being one of the coins that have shown remarkable growth.

Following the strong investor interest post the US election, the cryptocurrency market has experienced a notable rise, including Polkadot‘s price. Known for its swift and cost-effective services, Polkadot’s token has been gradually losing ground in the market and is currently grappling with downward trends on the charts. Fortunately, after a substantial weekly rebound, several crypto experts predict further growth that could occur imminently.

Analyzing The Polkadot Price Performance

For about four years, Polkadot has been a fixture in the cryptocurrency market, experiencing significant growth during the 2021 Bull Run. But since then, the price of DOT has experienced a severe downtrend, shedding over 92% of its worth. This decline occurred even as the Polkadot blockchain continued to undergo constant upgrades and advancements.

It’s worth noting that the token made several attempts to rebound during this timeframe. At the March rally, it nearly hit the $12 threshold before shifting into a prolonged downtrend and consolidation. However, following the election of Donald Trump, the token has started climbing once more. Moreover, technical indicators suggest a robust buying opportunity for this token.

Polkadot (DOT) Price Finally Turned Bullish: Why 2x Rally Is Possible?

Currently, the Polkadot (DOT) price stands at $4.3 as I write this, showing signs of an uptrend alongside the broader crypto market surge. However, its price increase today is only 5%, and over the past week, it’s climbed a modest 9%. This growth pales in comparison to the performance of other popular cryptocurrencies. Despite this, its prolonged consolidation period and the reserved sentiments among investors have led many to appreciate it. In fact, several analysts anticipate that the rise in Polkadot prices could just be getting started.

Why Can Rally 2xSoon?

The team behind the development of Polkadot is actively working on the 2.0 update to enhance its scalability and security further. Moreover, the upgrades to the staking system are also noteworthy, piquing investor interest, which could potentially contribute to an increase in the DOT price.

Despite the absence of that factor, the investor’s enthusiasm towards cryptocurrency is evidently growing. Under the bull’s impact, the trading volume of this token has soared to a staggering $265.63M following a robust 18% surge in just the past 24 hours. This surge suggests that investors are showing strong interest in this token, which seems like a smart move given the Polkadot price chart’s recent breakout from the falling wedge pattern after a prolonged period. As revealed by crypto analyst Captain Faibik in his latest post, investors can anticipate a potential 2x bullish rally in the near future.

$DOT is Once again Breaking out of Falling Wedge Pattern after Long Downtrend..

Expecting up to 2x Bullish Rally in the Coming days so Don’t miss the Ride..#Crypto #Polkadot #DOT

— Captain Faibik (@CryptoFaibik) November 8, 2024

A different market expert has affirmed the current surge in Polkadot’s price trend, suggesting that if it manages to surpass the $4.2 threshold, a new peak may be achieved. In fact, some speculate that the price might reach $100, but this seems rather improbable at the moment. However, during a strong Bull market, such an increase is possible. For now, Tony’s forecast of seeing DOT prices touch $15 by January appears more plausible. This would allow long-term investors to recoup their losses and secure profits.

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2024-11-08 17:38