Polkadot (DOT) Price Forecast: $17 Potential Amid Bullish Bitcoin Relationship
The Essentials in Brief
Polkadots (DOT) price forecast of 17 dollars is strongly linked to its relationship with Bitcoin. An analysis of on-chain metrics and market indicators suggests that DOT has the potential to experience a significant price increase if it manages to break through certain resistance levels. The current market analysis shows that DOT is showing bullish signals against the US dollar (USDT) and Bitcoin (BTC), indicating a possible upward trend.
Polkadot’s Relationship with Bitcoin
Polkadot has recorded an upward movement in the last 24 hours, which according to analyst Michaël van de Poppe could be the beginning of a run that drives the price to an all-time high. DOT’s performance compared to Tether (USDT) and Bitcoin (BTC) shows that DOT is forming higher highs and lows – a clear bullish signal. Currently, DOT is facing a critical resistance around the 10-dollar mark. A breakthrough above this resistance could pave the way for a rally towards 17 dollars.
Key Market Indicators
The liquidation levels and the cumulative liquidation level difference (CLLD) are crucial indicators suggesting that shorts with medium to high leverage could be pushed out of the market. This is because the CLLD has fallen into the negative range, indicating that short positions are under pressure. Additionally, the positive funding rate shows that long positions are paying shorts to hold their positions, which is a bullish sign for DOT.
The Role of Spot Buyers
Spot buyers play a crucial role in the current price movement of DOT. The aggressive accumulation by spot buyers, combined with the disbelief of perpetual sellers, suggests that DOT’s upward trend could continue in the coming weeks. This is supported by the declining funding rate, which shows that spot buyers continue to accumulate aggressively as the price of DOT rises.
Our Assessment
The analysis of on-chain data and market indicators suggests that Polkadot (DOT) is at a turning point. The relationship with Bitcoin, combined with positive signals from market indicators, suggests significant upside potential. Should DOT break the resistance around the 10-dollar mark, this could be the starting signal for a significant price rally. Investors and interested parties should closely monitor developments to benefit from the upcoming market movements.
Sources: AMBCrypto, HyblockCapital, Santiment
| Symbol | DOT |
| Coin type | Alt Coin |
| Transaction Speed | High |
| Pros |
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| Cons |
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| Price | $5.83 |
| 24h % | -2.27 % |
| 7d % | 17.06 % |
| 30d % | 34.18 % |
| 60d % | 34.90 % |
| 1y % | 13.69 % |
| Market Cap | $8,401,136,521.00 |
| Official Links | Website | Whitepaper | Source Code |
| Socials | Reddit | X |
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