Polkadot Price Prediction: Altcoins Surge Following ETF Approval
Altcoins, including Polkadot (DOT), are experiencing significant gains after the approval of 11 spot Bitcoin exchange-traded funds (ETFs). Ethereum’s strength pre-ETF approval has been guiding altcoins on this upward trend. Polkadot’s price has increased by 22% to $8.45.
If you hold DOT and avoid selling at the first sign of profit, increasing your exposure to the token, it is possible to see its price surpass $10 this week.
Polkadot Price Prediction: How to Remain Profitable with DOT
Bulls in the market have found relief as Polkadot rebounded from support at $7 and moved above key moving averages. To confirm the sustainability of the uptrend, a daily candle close above the descending channel or support at $8 is needed.
A potential buy signal from the Moving Average Convergence Divergence (MACD) indicator would provide further confirmation for traders. Buying DOT when the blue MACD line crosses above the red signal line would offer additional assurance for speculators.
The recovery journey for DOT should be observed at levels such as $9 and $10. Sustained price action above $10 would indicate an improving technical structure and could lead to gains targeting highs past $20.
Polkadot Staking Skyrocketing
Holders of Polkadot are increasingly channeling their holdings to decentralized finance smart contracts for staking. The value locked in the ecosystem has increased by 52.43%. Whales are leading this trend by sending large amounts of DOT to staking contracts, and the recent news about spot Bitcoin ETFs has positively impacted staking trends.
#Polkadot #DOT continues to increase the amount of $DOT locked in #Staking is already at 52.43%
Something big I think is going to happen in #Polkadot because the whales are putting large amounts of $DOT in #Staking in the last 48 hours and less than 24h before… pic.twitter.com/pHI24MFErZ
— Tony ₿itcoin
(@Toni_Bitcoin) January 9, 2024
According to market analyst and trader Tony Bitcoin, there may be something significant happening in the Polkadot ecosystem. Although whales typically focus on Bitcoin and Ethereum, they are now showing interest in DOT. The massive staking of DOT suggests a bullish outlook as the circulating supply decreases and demand increases.
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Hot Take: Polkadot’s Surge Fueled by ETF Approval and Increasing Staking
Polkadot’s price has experienced a significant surge following the approval of Bitcoin ETFs. Altcoins, including Polkadot, have been guided by Ethereum’s strength. With increasing staking and whales showing interest in DOT, the future looks bullish for Polkadot. Traders should watch for confirmation of the uptrend with a daily close above the channel or support at $8. Additionally, a buy signal from the MACD indicator would provide further assurance for speculators. If these conditions are met and sustained price action is observed above key levels such as $10, Polkadot could see significant gains targeting highs past $20.
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