Polkadot (DOT) Price Prediction: What to Expect Next?

After a significant decline mid-week, Polkadot's native token DOT bounced back from the 20-day EMA mark as bulls regained traction.

After a significant mid-week decline, Polkadot's native token, DOT, price recovered from the 20-day EMA mark as bulls regained momentum.

Last week, DOT price reached $11.34, indicating profit booking and retesting the 50% Fibonacci zone.

However, the bulls are gearing up for a substantial bounce. Like other major cryptocurrencies, DOT daily chart showcased bullish price action on a lower time frame, hinting at an ideal buying opportunity to join the uptrend.

At press time, DOT price trades at $9.09 with a rise of over 5.34% in the last 24 hours. Its market cap is at $13.89 Billion, ranking 15th among the top crypto coins.

DOT Price To $19: Analyst Highlights

According to a recent tweet by @CryptoELITES, Polkadot crypto's ascent has begun. It breached the multi-month descending trendline with a substantial surge in trading volume.

With this recent breakout, DOT crypto has entered a bull market, promising a significant upsurge. Short-term price targets for DOT were at $19.62 and $31.36, while long-term targets could reach $55.

Polkadot Price Prediction: What To Expect Next?

DOT crypto hovered near the breakout zone and crucial $10 resistance as Polkadot price prediction remained bullish on the weekly timeframe. Rising EMA lines on the chart projected bullish momentum.

The Relative Strength Index (RSI) hovered around the neutral 50 mark, indicating more room for upward movement without being overbought.

Meanwhile, the Chaikin Money Flow (CMF) had a reading of 0.10, suggesting rising capital inflows. Also, the On-Balance Volume (OBV) showed a sustained rise.

If the altcoin surpasses the $10 resistance level, a rise toward $19 could be anticipated in the short term.

What Does Derivatives Data Say?

According to Coinglass, the spot inflow/outflow of DOT peaked at $24.52 Million on December 9th, which was the highest outflow observed in 2024.

Later, it cooled off in the last two sessions. This signifies that there was significant selling pressure on the same day.

If the value is negative, it reflects increased outflows, suggesting that holders are hesitant to sell. This indicates that DOT price may recover from its recent 17% drop and rally further.

Following this, when DOT’s OI-weighted funding rate is positive, it means that long-positioned traders are paying shorts to keep their position open or otherwise.

Thus, when this metric is positive, it indicates that buying pressure outweighs selling pressure. As a result, the positive funding rate suggests that the sentiment among the participants is optimistic in anticipation of a bounce-back.

Over the past 24 hours, Open Interest (OI) surged over 6.38% to $478.27 Million, indicating a long buildup and a positive outlook.

If such outflows continue, they could drive up the price significantly. The immediate support zones for DOT were at $8.80 and $7.60, while resistance zones were at $10 and $11.30.

This article is presented for informational purposes only and does not provide financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading