Polkadot (DOT) Forecasted To Rise 50% Next Week, Reach $15

On Mar 8, 2024

Leading parachain-based cryptocurrency PolkaDot climbed above the $10 mark on Friday. The last DOT hit double digits in the indices was in May 2022 and remained trading with single digits for nearly 20 months. The cryptocurrency began attracting heavy bullish sentiments his month after Bitcoin climbed above the $69,000 mark. Bitcoin’s rise is pushing other leading altcoins to reach new yearly highs while delivering stellar returns to investors.

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Now that PolkaDot remains in the green and climbed above $10, will the cryptocurrency rally further and reach $15? 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: A 50% Surge in Price & $15 On the Cards For DOT

Leading on-chain metrics and price prediction firm CoinCodex has predicted that PolkaDot could rise by another 50% this month. According to the price prediction, DOT could reach another new yearly high of $15 in the coming days. The forecast indicates that PolkaDot could hit $15.57 during mid-March. Therefore, an investment of $10,000 could turn into $15,000 this month if the prediction turns out accurate.

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DOT is showcasing good volatility this month giving day-traders ample time to pull out with profits. The day’s highs and lows are more than $2, giving them a chance to book good returns.

The Daily Simple Moving Average (SMA), Daily Exponential Moving Average (EMA), Weekly Simple Moving Average (SMA), and Weekly Exponential Moving Average (EMA) all point toward a ‘buy’ call for PolkaDot. This puts DOT on a pedestal as the cryptocurrency could deliver good returns this month during the bull run.

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At press time, PolkaDot was trading at $10.3 and is up down 0.1% in the 24-hours day trade. However, DOT is down close to 82% from its all-time high of $54.98, which it reached in November 2021.