{"id":11442,"date":"2024-10-04T04:54:15","date_gmt":"2024-10-04T04:54:15","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=11442"},"modified":"2024-10-04T04:54:15","modified_gmt":"2024-10-04T04:54:15","slug":"polkadot-in-the-charts-what-do-on-chain-data-and-technical-analysis-indicate-for-dots-price","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=11442","title":{"rendered":"Polkadot in the Charts: What do On-Chain Data and Technical Analysis Indicate for DOT\u2019s Price?"},"content":{"rendered":"

Several altcoins have surrendered their recent gains this week amid rising geopolitical tensions, with Polkadot (DOT) facing similar challenges. The latest market correction pulled the altcoin\u2019s price down to $4.04, a drop of over 14% in just three days.<\/p>\n

At times like this, it\u2019s important to take a step back and examine some fundamentals and traders\u2019 sentiment in the face of popular industry analysts\u2019 conclusions.<\/p>\n

Polkadot On-Chain<\/h2>\n

One of the most important on-chain metrics that track the network\u2019s activity over time is the number of daily active users and new users joining the ecosystem.<\/p>\n

While the number of new accounts on Polkadot has remained relatively the same since May last year, the number of active users has increased by more than 25%.<\/p>\n

<\/a>Source: Subscan<\/p>\n

The amount of DOT transferred daily has also increased significantly during this period, showing that the network is processing larger transfer volumes.<\/p>\n

<\/a>Source: Subscan<\/p>\n

DOT\u2019s Imminent Breakout \u2013 Are Investors Ready?<\/h2>\n

One analysis<\/a> indicates that DOT is poised for a significant breakout. The altcoin appears to be approaching the conclusion of its accumulation phase and could potentially be on the verge of breaking out of a long-standing falling wedge pattern.<\/p>\n

According to its findings, recent movements in major large-caps suggest that DOT is poised to follow this trend, making it only a matter of time before it experiences a substantial upward shift. The projected targets for this breakout, indicating key resistance levels, are set at $11.83, $18.41, $26.30, and $37.53.<\/p>\n

\u201cWith over 600 days below the key zone, Polkadot is gearing up for a major push.\u201d<\/p>\n

<\/a>Source: X<\/p>\n

Another market observer,\u00a0Lucky, also highlighted a similar promising outlook for DOT in his latest technical analysis. He\u00a0said<\/a> that the asset is nearing the end of its yearly accumulation phase,<\/span>\u00a0which could propel DOT\u2019s price to \u201ctake off\u201d soon.<\/p>\n

An Outrageous Scenario Based on Historic Similarities<\/h2>\n

According to investment firm TradingShot\u2019s latest analysis<\/a>, DOT may be on track for a significant price surge, potentially reaching $200 by the end of 2025. The analysis suggests that Polkadot is following a pattern similar to Ethereum Classic\u2019s (ETC) 2018-2021 cycle.<\/p>\n

As shown on a one-week chart, both assets exhibit nearly identical RSI sequences. Lower highs and double tops lead into a bear market, followed by an RSI bottom that sparks a breakout above the one-week MA50 and the 0.5 Fibonacci retracement level.<\/p>\n

<\/a>Source: X<\/p>\n

Currently, Polkadot\u2019s RSI is hovering around 40.00, a key level that marked the start of a parabolic rally in Ethereum Classic. If Polkadot mirrors this cycle, it could aggressively rise toward the 1.5 Fibonacci extension, hitting $200 by late 2025.<\/p>\n

The post Polkadot in the Charts: What do On-Chain Data and Technical Analysis Indicate for DOT\u2019s Price?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Several altcoins have surrendered their recent gains this week amid rising geopolitical tensions, with Polkadot (DOT) facing similar challenges. The latest market correction pulled the altcoin\u2019s price down to $4.04, a drop of over 14% in just three days. At times like this, it\u2019s important to take a step back and examine some fundamentals and […]<\/p>\n","protected":false},"author":0,"featured_media":11443,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-11442","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/11442"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11442"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/11442\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/11443"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11442"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11442"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11442"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}