Polkadot Price Predictions: The Main Reasons for a Rise in DOT Price Soon
The price of Polkadot has seen a remarkable recovery in the past few days with the improvement of the cryptocurrency market. After hitting a low of $3.24 earlier this month, the currency jumped over 27% to its current price of $4.10. This article explores the reasons for the convergence of technical and fundamental indicators, and the reasons for the currency's value rising in double or triple digits in the coming months.
The weekly analysis of Polkadot's price indicates further gains
The above weekly chart highlights an important development, as the currency failed to drop below the key support level of $3. It has remained above this level at least four times since 2023. Even when the cryptocurrency market was experiencing a downturn, it stayed above this level.
This is a signal that the price of DOT may have formed a quadruple bottom pattern, which is a common bullish indicator, with the neckline at $11.70. Therefore, it is likely that the token will rise in the coming weeks.
If this happens, the next price of Polkadot to watch will be this neckline, which is about 190% higher than its current level. This prediction will be invalidated if the currency drops below the key support level of $3.2.
