Polkadot (DOT) Turns Green as Crypto Market Bounces Back; Will it Hit $8 Mark?

Lately, the crypto market has shown signs of recovery, which have been reflected in the price of most cryptocurrencies. Polkadot (DOT) price momentum is in tune with this trend, posting mild gains after a bearish pressure that pushed it to $4.9 in early July.

DOT trades around $6.36, with a 2% price increase in the past 24 hours. Its trading volume is also up more than 53%g at $189.9 million. This slight uptick suggests the bulls might be back, but can they sustain momentum to see DOT hit $8 soon? Let's explore DOT's next possible moves below.

Polkadot (DOT) Price Movement

DOT experienced a significant decline from May 27 to June 23, dropping from $7.90 to $5.30, representing a 32.9% decrease. However, $5.30 proved to be a strong support level for DOT as it soon found its footing and began to recover.

On July 3, Polkadot (DOT) climbed back up to $6.50, but the market remained volatile, with DOT plummeting to $4.9 the following day.

However, DOT is rising again and printing green candles on the charts, indicating buyers' return. Market participants are hopeful that DOT could reclaim previous highs if the ongoing uptrend sustains. Moreover, several indicators paint a bullish picture today.

Will DOT Reach the $8 Price Level?

The MACD has crossed above its signal line, with green histogram bars emerging. This setup typically indicates growing bullish momentum. The RSI above 50 suggests that buying pressure outweighs selling pressure, often preceding further price increases.

DOT's price is also pushing above the Bollinger Bands, hinting at a potential breakout. When prices move beyond these bands, it often signals the start of a strong trend.

In addition, DOT's Positive Volume Index (PVT) is 95 million, indicating significant buying on up-volume days and supporting the observed bullish sentiment.DOT is currently trading at $6.48, but based on the technical indicators, it could reach $8.

If DOT maintains its current momentum and market conditions remain favorable, the $8 target seems achievable.However, investors should remain cautious as the market is highly volatile.

Analyst Predicts 700% Surge for DOT: Can Polkadot Reach$48?

Many analysts are optimistic about DOT's future price movement.In a July 11 Tradingview insight, an analyst predicted that DOT could reach $48. This target represents a staggering 700% increase from its current price of $6.

According to the analyst's chart, DOT has broken out of a fallen wedge pattern, signally a potential trend reversal. Polkadot might climb toward the ambitious $48 target if the current momentum continues.

Interestingly, this isn't the first optimistic prediction from this analyst.On June 9, the same analysts shared another DOT chart, noting a Flag backtest now confirmed." The expert projected a possible surge to $50.59.

Analysts Bullish on DOT: Potential Surge to $12 on the Horizon

One expert, Cryptorphi, shared a detailed analysis on June 28, identifying a descending triangle pattern in DOT's price chart.

#DOTUSDT is currently trading within a well-defined descending triangle pattern with strong support around the $5.5-$6 range.

~ Support Zone: A strong support zone exists between $5.5 and $6, highlighted in green. This area has historically acted as a significant support level,... pic.twitter.com/jUSXMqJ9FW

- Cryptorphic (@Cryptorphic1) June 28, 2024

The analysis highlights strong support between $5.5 and $6, a zone that has repeatedly prevented further price drops.Also, Cryptorphic marks some key resistance levels set at $7.6 and $11.58.

According to the analyst, the Relative Strength Index (RSI) shows a bullish divergence, often signaling a potential price reversal.

If DOT breaks above the triangle and resistance levels, it could rally to around $12. The analyst advised that a close below $5.5 would invalidate this bullish scenario.

Given the many optimistic outlooks, DOT appears well-positioned for a significant price increase soon. However, it's important to remember that cryptocurrency markets are highly volatile.

Coinbase's Potential DOT ETF Filing Could Boost Polkadot's Price

Recent reports suggest that Coinbase might consider filing for a Polkadot (DOT) ETF. The exchange may have started the DOT futures contracts and ETF application process. The first stage approval could happen as soon as today, July 15.

Coinbase is secretly applying for $DOT ETF

The first stage of approval is already scheduled for July 15!

Polkadot ETF will be incredibly bullish for the entire ecosystem pic.twitter.com/OF8CrJxp2m

- 0xNobler (@CryptoNobler) July 4, 2024

If approved, a DOT ETF would make investing in Polkadot easier for traditional investors. ETFs typically bring more attention to a cryptocurrency.

This increased accessibility often leads to higher demand and possible price growth. Also, a successful ETF launch could boost Polkadot's network adoption, drawing in more users and developers.

While this news is exciting, remember that ETF approvals are not guaranteed. However, if successful, it could be a game-changer for DOT's price and popularity.

Pepe Unchained: The Meme Coin Challenging DOT's Dominance

Pepe Unchained, a new meme coin, is gearing up to enter crypto as a viable investment option for those looking for low-cap alternatives with significant growth potential.

Pepe Unchained (PEPU) has raised over $3.6 million in its presale. This layer-2 project combines Pepe-inspired branding with advanced blockchain technology, offering faster transactions and lower fees than traditional layer-1 chains.

Its unique features position PEPU for unmatched growth in the meme coin sector, setting it apart as one of the top meme coin presales in 2024.

Why Pepe Unchained Stands Out?

Pepe Unchained boasts several features that make it an attractive DOT alternative. Its layer-2 technology promises 100 times faster transactions than Ethereum, enabling quick trades.

Moreover, early adopters can earn rewards by staking their tokens in the liquidity pool. Also, the project has a clear, realistic roadmap for long-term growth.

Unlike DOT, Pepe Unchained focuses on the meme coin niche while offering valuable blockchain utility. The project's unique blend of humor and technology sets it apart in the crypto market.

The presale structure benefits early investors, with token prices increasing weekly. This approach has attracted significant interest from the investment community. As of today, July 15, you can buy this token at $0.0084261.

Pepe Unchained could soon challenge established coins like DOT with its strong presale performance and innovative features. Visit the presale website for more information.

The post Polkadot (DOT) Turns Green as Crypto Market Bounces Back; Will it Hit $8 Mark? appeared first on The Tech Report.