The Polkadot (DOT) token has witnessed vital downward strain over the previous few weeks. This damaging efficiency was additional exacerbated by the latest downturn of Bitcoin’s worth, which tumbled under $40,000 over the previous week.

Nonetheless, the altcoin seems to be garnering momentum previously few days, having rebounded positively from the $6 mark. A well-liked analyst on the X platform has put ahead an thrilling projection for DOT, saying the token seems to be set for a considerable upward transfer within the coming weeks.

Can Polkadot Attain $17 In This Cycle?

In a latest submit on X, distinguished crypto analyst Michael van de Poppe famous that the altcoins market is on the verge of a big surge. Particularly, the crypto pundit singled out the Polkadot token as one of many property to look out for.

In keeping with Poppe’s submit on X, DOT is approaching a big help degree in three days. The analyst recognized the help zone between $5.60 and $6 whereas highlighting the necessity for this degree to carry sturdy.

3-day chart displaying totally different essential zones of the Polkadot value | Supply: Michael van de Poppe/X

If the help degree holds, Michael van de Poppe believes that Polkadot’s value is primed for a considerable run to the upside within the present cycle. And the crypto analyst put ahead an final $17 goal for the cryptocurrency if a breakout does happen.

This potential value motion would symbolize a large 150% upswing from the present value level. Nonetheless, this could nonetheless be a good distance from the token’s all-time excessive of $54.98

It’s value noting that Michael van de Poppe has additionally recognized a value zone that will likely be integral to DOT’s attainable run to $17. In keeping with his evaluation, there’s vital resistance for the altcoin to beat at across the $9.39 degree.

DOT final hit this value level on Boxing Day. Resistance brought about the coin’s worth to break down; since December 26, 2023, it has dropped by virtually 30%.

DOT Worth Overview?

As earlier inferred, Polkadot’s value has carried out poorly for the reason that flip of the yr. In keeping with knowledge offered by CoinGecko, the cryptocurrency’s worth has dipped by virtually 24% previously month.

As of this writing, the DOT value is $6.69, reflecting a 3.8% enhance within the final 24 hours. Nonetheless, the coin remains to be crimson on the weekly timeframe, with a 2.3% value hunch over the previous seven days.

Nonetheless, Polkadot ranks because the 13th-largest cryptocurrency, with a market capitalization of roughly $8.85 billion.

Polkadot value displaying good restoration on the every day timeframe | Supply: DOTUSDT chart on TradingView