Price Analysis

Polkadot Price Prediction: Is $10 DOT Possible In February 2024?

Polkadot Price Prediction: A DOT price reversal from $6 reclaimed crucial support level to reinforce further growth
Published by
Polkadot Price Prediction: Is $10 DOT Possible In February 2024?

Polkadot Price Prediction: Amid the renewed buying interest in the crypto market, the Polkadot price has showcased its sustainability above the $6 psychological level. Within a week, the coin price has gained nearly 20% to currently trade at $7.17. Will this reversal following a constructive pullback assist DOT price to regain the $10 mark?

Advertisement

Failed Breakdown Below Key Support Sets DOT For Higher Recovery

  • The increased demand pressure at $6 reflects the market participants continue to accumulate this asset at dips(discounted price)
  • The rising coin price will face strong resistance at $7.8, $8.58, and $9.6
  • The 24-hour trading volume in the Polkadot coin is $294.4 Million, indicating an 82% gain.
Polkadot Price Prediction| TradingView Chart

Since late December 2023, the Polkadot coin has witnessed a sharp downfall, with its price declining from $9.59 to $5.97. This 37.6% pullback evaporated nearly 50% gains of 2024 4th quarter and broke below the neckline support of a Head and Shoulder pattern.

The H&S pattern commonly seen at the market top reflects an upcoming correction trend and aggressive selling pressure. However, as the leading cryptocurrency Bitcoin showcased its sustainability above $40000, the DOT price was revered swiftly and reclaimed lost ground.

This failed breakdown could lead to forced liquidation for the short position trade and pour additional buy orders into the market. By the press time, the DOT price was at $7.158 with an intraday gain of 4.16%.

If the new relief rally manages to breach the overhead resistance trendline, the buyers will gain additional confirmation that the correction trend ended. The post-breakout rally could bolster buyers to chase a potential target of $8.58, followed by $9.6.

If the expected rally recovers half of the correction trend at $7.8 by mid-February, the likelihood of reaching $10 could increase markedly.

Advertisement

Technical Indicators

  • Bollinger Band: the DOT price surge above the midline of the Bollinger band indicator will offer additional confirmation on bullish trade.
  • Vortex Indicator: The VI+(blue) and VI- (pink) slopes nearing a bullish crossover state the buyers are regaining control over this asset.

Related Articles:

Advertisement

Share
Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • Price Analysis

Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump

The Ethereum price remains steady near the $3,900 level after multiple failed attempts to reclaim…

October 25, 2025
  • Price Analysis

Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates

Bitcoin price is hovering around $111,742, reflecting a 0.5% gain in the last 24 hours.…

October 25, 2025
  • Price Analysis

PEPE Coin Price Prediction as Weekly Outflows Hit $17M – Is Rebound Ahead?

Pepe coin price has remained under pressure despite renewed signals of investor repositioning in the…

October 25, 2025
  • Price Analysis

HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move

HBAR price rose by 2.4% today, Oct. 24, mirroring the performance of the crypto market…

October 24, 2025
  • Price Analysis

Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK

The Chainlink price has maintained steady traction near $17.6, with on-chain accumulation strengthening investor confidence.…

October 24, 2025
  • Price Analysis

SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?

The Sui price has recently drawn investor interest after rebounding from a key demand zone,…

October 24, 2025