Can Polkadot outshine Solana and Avalanche in 2024?

• DOT would possibly witness a resistance close to the $8.6 mark within the coming days. 
• Polkadot was down by 13% within the final seven days, and indicators seemed bearish. 

Polkadot [DOT] is swiftly making its approach on the record of the highest 10 cryptos by market capitalization, because of its value features. Aside from DOT, Solana [SOL] and Avalanche [AVAX] additionally displayed promising performances within the current previous.

Nevertheless, issues for DOT seemed higher than the remainder of the 2, if the most recent information is to be thought-about.

Polkadot’s value to skyrocket in 2024? 

Polkadot registered a large uptick in its value over the past month of 2024. As per CoinMarketCap, DOT was up by greater than 48% within the final 30 days.

On the time of writing, DOT was buying and selling at $8.13 with a market capitalization of over $10 billion.

Due to the bull rally, DOT managed to change into the eleventh largest crypto by market cap. Aside from Polkadot, SOL and AVAX additionally registered promising features throughout the identical time.

However Tony, a well-liked crypto analyst, identified that whereas the latter two had a number of resistance ranges to witness, DOT had a clear approach forward because it was but to achieve its first resistance stage.

#Polkadot $DOT the bull run has solely simply begun

In comparison with $AVAX and $SOL$SOL has reached the second resistance$AVAX has reached the primary resistance$DOT has not but reached first resistance

As we will see #DOT has an extended run and is a greater purchase due to the bullish run pic.twitter.com/yT3kSwHAvk

— Tony ₿itcoin⚡ (@Toni_Bitcoin) December 31, 2023

Due to this fact, to raised perceive whether or not DOT’s approach forward is easy, AMBCrypto checked Polkadot’s liquidation heatmap. Our evaluation discovered that issues had been extra sophisticated than they appeared at first look.

The token witnessed a large enhance in liquidation close to the $9.2 mark, after which its value began to drop. Polkadot’s liquidation then elevated when its worth reached $8.6, inflicting an additional value plummet.

Therefore, DOT should transcend these ranges to provoke a bull rally in 2024.

How seemingly is it for DOT to begin a bull rally?

Regardless of the hike in DOT’s value final month, its value motion has turned bearish within the current previous. This was evident from the truth that DOT was down by 13% within the final seven days.

Nevertheless, the excellent news was that whereas the token’s value dropped, its Open Curiosity additionally fell. Every time Open Curiosity drops, it will increase the probabilities of a pattern reversal, suggesting a value uptick.

It was fascinating to notice that whereas DOT’s value sank, its funding price remained excessive, reflecting its recognition within the derivatives market.

Supply: Santiment

Learn Polkadot’s [DOT] Worth Prediction 2023-24

Upon checking DOT’s every day chart, AMBCrypto discovered fairly a number of bearish indicators. As an example, Polkadot’s value touched the higher restrict of the Bollinger Bands at press time. Its MACD additionally dilated right into a bearish crossover.

DOT’s Relative Power Index (RSI) moved southward, rising the probabilities of a continued downtrend within the days to comply with.

Supply: TradingView