“Polkadot Could Be Following in Fantom’s Footsteps,” Says Analyst, Predicting DOT’s Price Rally to $20
Polkadot (DOT) may be on track for a price rally similar to that of Fantom (FTM), according to an analysis shared by crypto analyst, Ali. In a tweet, Ali suggested that if Polkadot mirrors Fantom’s price movement, DOT could see gains, potentially reaching as high as $20 soon.
Ali describes a possible Polkadot price trajectory in his tweet, speculating that the token may reach $9.7, decline to $6.7, and then surge beyond $20. This prediction is based on an analysis of Fantom’s past price movement and Polkadot’s chart, which showed a similar pattern.
What you'll learn 👉
Fantom’s Price Action and Resistance Levels
Fantom’s chart provides information about Polkadot’s potential future movements. Fantom recovered from its $0.52 support and reached a price of around $0.72. The token’s consolidation within a range, which suggested a possible bullish continuation pattern, preceded this advance.
The fact that Fantom broke over the crucial barrier level suggests that it may keep rising. Investors may expect comparable gains in DOT to those recently seen in Fantom if Polkadot’s price movement follows a similar pattern.
Polkadot’s Potential Price Rally
According to Ali’s analysis, Polkadot is currently resting on a key support level at $4.21. From this zone, Ali predicts that DOT could rise to a major resistance level at $9.7, followed by a pullback to $6.7. This phase would serve as a consolidation period before the token rallies toward $20.
The $9.7 mark is seen as a critical resistance that Polkadot must overcome to continue its upward trend. Once this resistance is tested and the pullback occurs, the projected breakout could push DOT to higher targets, reflecting Fantom’s previous price performance.
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Support and Resistance for Polkadot
The analysis highlights Polkadot’s current support at $4.21, which could serve as a launching point for further upward momentum. If this support holds, the price could rally, starting the predicted path to $9.7, then $20.
This potential price movement for Polkadot underscores the possibility of a bullish rally, similar to the pattern observed in Fantom’s price action. However, investors should watch for key support and resistance levels to determine if DOT can follow this predicted trajectory.
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