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Polkadot (DOT) Price Targets $10: Key Indicator Suggests Upside

Polkadot (DOT) Price Targets $10: Key Indicator Suggests Upside

Explore how institutional support and a bullish falling wedge pattern suggest a promising uptick for Polkadot (DOT), potentially leading to a significant price rally and recovery from recent losses.
2 minutes
10.04.2024
Editor Satoshi`s Secrets
Polkadot (DOT) Price Targets $10: Key Indicator Suggests Upside

In Brief

Polkadot’s price, forming a descending wedge, hints at a potential 22% surge after breakout. DOT stands out as the year’s top performer, gaining institutional favor. Investor mood is the most upbeat since December 2023, signaling strong bullish sentiment.

Polkadot’s (DOT) price is on track for a significant rise, potentially reversing its recent downturn. A major factor contributing to this trend is sustained institutional interest.

Institutional Support Boosts Polkadot

Polkadot Institutional Flows. Source: CoinShares

Institutions have played a pivotal role in Polkadot’s performance, with DOT leading in institutional inflows throughout Q1. The altcoin has attracted $17 million year-to-date, surpassing other altcoins except for Ethereum. This institutional backing positions DOT well above competitors like Solana, XRP, and Cardano, highlighting its strong market favor.

Investor optimism around Polkadot is also on the rise, with sentiment reaching its most positive since December 2023. This bullish outlook encourages longer asset retention, anticipating price increases that could propel DOT to new highs.

Potential DOT Rally on the Horizon

DOT/USDT 8-hour chart. Source: TradingView

Currently trading at $8.5, DOT is in a falling wedge pattern, indicating a possible bullish reversal. This setup suggests a 22.89% increase to $10.67, potentially establishing $10 as a new support level. However, this hinges on DOT rebounding from the $8 support. Breaching this floor could lead to a drop to $7.5, challenging the bullish forecast.

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