Polkadot Potential Surge to $17 Hinges on Market Dynamics
Polkadot (DOT) stands poised for a potential rally to $17 if it can breach the crucial resistance at $10, according to analysts. On-chain metrics indicate aggressive buying activity among spot buyers, fueling optimism for DOT upward trajectory.
Analyst Michaël van de Poppe suggests that DOT recent uptrend against Tether (USDT) and Bitcoin (BTC) pairs signals a bullish momentum. With higher highs and lower lows forming against USDT, DOT resilience against downward trends paints a positive picture.
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Despite facing resistance around $10, DOT uptrend from $8.97 suggests potential for a breakout. Should it surpass $17, a significant rally could ensue, driving DOT to new all-time highs.
Additionally, DOT performance against Bitcoin appears favorable, hinting at a long-term bullish outlook. Assessing DOT using various indicators, including Liquidation Levels and Cumulative Liquidation Level Delta (CLLD), reinforces the bullish sentiment.
While shorts with medium to high leverage may face liquidation risks, the overall sentiment remains optimistic. Positive Funding Rates indicate aggressive accumulation by spot buyers, further supporting DOT upward trajectory.
With these factors in play, DOT upward momentum is expected to persist in the coming weeks.
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