Key Points
- Polkadot’s (DOT) price could reach an all-time high if it breaks the key resistance around $10.
- On-chain metrics indicate aggressive buying of DOT by spot buyers.
Analyst Michaël van de Poppe suggests that the recent upswing in the price of Polkadot’s (DOT) could be the start of a rally that might lead to an all-time high.
DOT’s Performance Against USDT and BTC
In his analysis, van de Poppe compared DOT’s performance against Tether (USDT) and Bitcoin (BTC). He noted that DOT had formed higher highs and lower lows against USDT, which is considered a bullish signal.
According to the analyst’s shared chart, DOT had established an uptrend from $8.97 but faced significant resistance around the $10 mark. If DOT closes above this resistance, it could potentially trigger a rally to $17.
DOT’s Performance Against Bitcoin
In terms of its performance against Bitcoin, it was observed that DOT was at a cycle low, which supports a long-term bullish thesis for the token.
It’s also important to consider other indicators such as the Liquidation Levels available on the HyblockCapital’s platform. These levels show estimated price points where liquidation events might occur.
The Cumulative Liquidation Level Delta (CLLD) indicates whether the derivatives market actions are driving a bullish or bearish bias. Currently, there is no cluster of liquidity between $10.36 and $10.96, suggesting that DOT might easily climb toward $11.
Positive Funding Rate and Aggressive Spot Buying
The Funding Rate is currently positive, implying that open long positions are paying shorts to maintain their positions. This rate has been seen to lower as DOT’s price increases, a sign that spot buyers are accumulating aggressively.
All these factors suggest that DOT’s upward trend might continue over the coming weeks.
For more detailed information, you can read Polkadot’s [DOT] Price Prediction 2024-2025.
