Polkadot Price Prediction: DOT ready to recover, targeting $17
- Polkadot price picked up again today after the sell-off of past weeks.
- Buyers of DOT came in as promised around $10.50.
- Expect more upside potential as long as the global market sentiment is helping with the right tailwind.
Polkadot price was, like most cryptocurrencies, on a sizable losing spree. Sellers were in control of the price action over the past month and pushed cryptocurrencies further down toward levels that became interesting as a buy-the-dip signal for buyers. The positive global sentiment reemerging in the markets has caused a favorable tailwind in several asset classes throughout the financial markets.
Polkadot price needs to have a positive close today to keep buyers flocking in
A key risk to be aware of before picking up some Polkadot is the fact that buyers may be only looking for short-term opportunities. A dead-cat bounce could be the trap awaiting buyers. Hence, it will be essential to monitor price action in the coming days and see how DOT reacts at certain levels.
The first level is $11.86, which must be broken because otherwise, buyers seem to be only in for a quick profit, and sellers will once again take over. A close today or tomorrow above this level is critical for the soundness and longevity of the rally.
The following fundamental level will be the $13 handle, where Polkadot price is just below the pivot and are bouncing against the low of June 14. If DOT makes it here, buyers will already have a 22% profit in the bag. Once again, this is a critical level to watch how the price reacts.
DOT/USD daily chart
This means the buy-timing looks right and falls in place with the global market sentiment recovering from Monday’s gut punch. The tailwind and the buy-the-dip setup did their work as bespoken in past briefings.
It will be critical to see how Polkadot price reacts around $11.86 and $13 if buyers stick to their guns and play it for the long run. If buyers are just in for a short-term profit, then sellers will once again turn this rally into a dead-cat bounce.