The Polkadot (DOT) token has witnessed important downward stress over the previous few weeks. This unfavorable efficiency was additional exacerbated by the latest downturn of Bitcoin’s worth, which tumbled beneath $40,000 over the previous week.

Nonetheless, the altcoin seems to be garnering momentum prior to now few days, having rebounded positively from the $6 mark. A preferred analyst on the X platform has put ahead an thrilling projection for DOT, saying the token appears set for a considerable upward transfer within the coming weeks.

Can Polkadot Attain $17 In This Cycle?

In a latest put up on X, outstanding crypto analyst Michael van de Poppe famous that the altcoins market is on the verge of a major surge. Particularly, the crypto pundit singled out the Polkadot token as one of many belongings to look out for.

In accordance with Poppe’s put up on X, DOT is approaching a major assist stage in three days. The analyst recognized the assist zone between $5.60 and $6 whereas highlighting the necessity for this stage to carry sturdy.

3-day chart exhibiting totally different essential zones of the Polkadot value | Supply: Michael van de Poppe/X

If the assist stage holds, Michael van de Poppe believes that Polkadot’s value is primed for a considerable run to the upside within the present cycle. And the crypto analyst put ahead an final $17 goal for the cryptocurrency if a breakout does happen.

This potential value motion would signify a large 150% upswing from the present value level. Nonetheless, this might nonetheless be a great distance from the token’s all-time excessive of $54.98

It’s value noting that Michael van de Poppe has additionally recognized a value zone that can be integral to DOT’s potential run to $17. In accordance with his evaluation, there may be important resistance for the altcoin to beat at across the $9.39 stage.

DOT final hit this value level on Boxing Day. Resistance brought about the coin’s worth to break down; since December 26, 2023, it has dropped by virtually 30%.

DOT Value Overview?

As earlier inferred, Polkadot’s value has carried out poorly because the flip of the yr. In accordance with information offered by CoinGecko, the cryptocurrency’s worth has dipped by virtually 24% prior to now month.

As of this writing, the DOT value is $6.69, reflecting a 3.8% enhance within the final 24 hours. Nonetheless, the coin remains to be purple on the weekly timeframe, with a 2.3% value droop over the previous seven days.

Nonetheless, Polkadot ranks because the Thirteenth-largest cryptocurrency, with a market capitalization of roughly $8.85 billion.

Polkadot value exhibiting good restoration on the every day timeframe | Supply: DOTUSDT chart on TradingView

Featured picture from Pexels, chart from TradingView

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