Rally

Polkadot

Resistance

The Polkadot (DOT) token has witnessed significant downward pressure over the past few weeks. This negative performance was further exacerbated by the <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-capitulation-holders-flee-btc-post-etf-hits/" target="_blank" rel="noopener ">recent downturn of Bitcoin’s value, which tumbled below $40,000</a> over the past week. 
However, the altcoin appears to be garnering momentum in the past few days, having rebounded positively from the $6 mark. A popular analyst on the X platform has put forward an exciting projection for DOT, saying the token looks set for a substantial upward move in the coming weeks. 
<h2 id="can-polkadot-reach-17-in-this-cycle">Can Polkadot Reach $17 In This Cycle?</h2> 
In a<a href="https://x.com/CryptoMichNL/status/1750832813526421644?s=20" target="_blank" rel="noopener nofollow">&nbsp;recent post on X</a>, prominent crypto analyst Michael van de Poppe noted that the altcoins market is on the verge of a significant surge. Specifically, the crypto pundit singled out the Polkadot token as one of the assets to look out for. 
According to Poppe’s post on X, DOT is approaching a significant support level in three days. The analyst identified the support zone between $5.60 and $6 while highlighting the need for this level to hold strong. 
<img loading="lazy" decoding="async" class="aligncenter wp-image-571953 size-large" src="https://www.newsbtc.com/wp-content/uploads/2024/01/GEw1KgkXUAAMHzc.jpeg?w=860&amp;resize=860%2C453" alt="Polkadot" width="860" height="453" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/GEw1KgkXUAAMHzc.jpeg?w=1200 1200w, https://www.newsbtc.com/wp-content/uploads/2024/01/GEw1KgkXUAAMHzc.jpeg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/GEw1KgkXUAAMHzc.jpeg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/GEw1KgkXUAAMHzc.jpeg?w=860&amp;resize=860%2C453 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/GEw1KgkXUAAMHzc.jpeg?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/GEw1KgkXUAAMHzc.jpeg?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
If the support level holds, Michael van de Poppe believes that Polkadot’s price is primed for a substantial run to the upside in the current cycle. And the crypto analyst put forward an ultimate $17 target for the cryptocurrency if a breakout does occur. 
This potential price action would represent a massive 150% upswing from the current price point. Nevertheless, this would still be a long way from the token’s all-time high of $54.98 
It is worth noting that <a href="https://www.newsbtc.com/news/ethereum/ethereum-path-to-recovery-analyst-highlights/" target="_blank" rel="noopener ">Michael van de Poppe</a> has also identified a price zone that will be integral to DOT’s possible run to $17. According to his analysis, there is significant resistance for the altcoin to overcome at around the $9.39 level. 
DOT last hit this price point on Boxing Day. Resistance caused the coin’s value to collapse; since December 26, 2023, it has dropped by almost 30%. 
<h2 id="dot-price-overview">DOT Price Overview?</h2> 
As earlier inferred, <a href="https://www.newsbtc.com/analysis/dot/dot-price-polkadot-pumps-15/" target="_blank" rel="noopener ">Polkadot’s price</a> has performed poorly&nbsp;since the turn of the year. According to data provided by CoinGecko, the cryptocurrency’s value has dipped by almost 24% in the past month. 
As of this writing, the <a href="https://www.newsbtc.com/analysis/dot/polkadot-bearish-analyst-predicts-target/" target="_blank" rel="noopener ">DOT price</a> is $6.69, reflecting a 3.8% increase in the last 24 hours. However, the coin is still red on the weekly timeframe, with a 2.3% price slump over the past seven days. 
Nonetheless, Polkadot ranks as the 13th-largest cryptocurrency, with a market capitalization of roughly $8.85 billion. 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/FiQLQAZ7/" alt="Polkadot" width="2174" height="1434">

Polkadot Rally Incoming? Crypto Analyst Predicts 150% Price Surge For DOT

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