Leading parachain-based altcoin PolkaDot is attracting bullish sentiments after Bitcoin climbed above the $62,000 mark on Wednesday. PolkaDot is rallying in the charts as an influx of new investments flows into the cryptocurrency market. The broader set of altcoins such as Cardano’s ADA, Ripple’s XRP, and VeChain’s VET also hit a new monthly high. The price surge has brought in fresh enthusiasm among investors after nearly a gap of two years.
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Now that PolkaDot remains in the green and touched $8.6, will the cryptocurrency head further north or go south? In this article, we will highlight how high or low DOT could trade in the indices in the coming weeks.
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PolkaDot: The next Price Target For DOT is $15.
PolkaDot is known for its volatility and swings big when the cryptocurrency market is in bullish territory. DOT had reached an all-time high of $54.98 in November 2021, at the same time as Bitcoin hit its ATH of $69,044. The parachain-based altcoin moves in tandem to Bitcoin and its price depends on how BTC performs in the charts.
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If Bitcoin maintains its positive momentum and manages to breach its all-time high of $69,044, then PolkaDot could also replicate BTC’s success. DOT’s next leg stands at $10 and if the cryptocurrency breaks the resistance level, its price could catapult to $12.
The leading altcoin will face challenges at $12 as a round of sell-offs and profit booking could be initiated. This puts pressure on PolkaDot as sellers could dominate the buyers in the coming weeks. Therefore, for DOT to hit $15, Bitcoin must breach its ATH move further up in the charts, and bring in another round of new investments.
At press time, PolkaDot was trading at $8.54 and is up nearly 4% in the 24-hours day trade. However, DOT is down close to 85% from its all-time high of $54.98, which it reached in November 2021.