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Polkadot (DOT) Analysis: Anticipating Double Digit Profits in March 2024?

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Polkadot (DOT) Analysis: Anticipating Double Digit Profits in March 2024?

  • Polkadot is expected to hover around the $10 price level in March, with the chance to break out in April, according to analysts from crypto exchange Changelly.
  • DOT is trading at $9 at press time for an $11.9 billion market cap, gaining over 17% in the past week in line with a surge in altcoin prices.

As the crypto market rallied in the past two weeks, Polkadot wasn’t left behind, with DOT setting a new 18-month high price at $9.44. According to analysts from the Changelly crypto exchange, the crypto will hover around the $10 price level this month, with a high chance of a breakout in April.

DOT is changing hands at $9.11 at press time, gaining 1% in the past day to hit a market cap of $11.91 billion, the 14th highest in the market and just below Chainlink.

DOT has been on an uptrend this month, gaining 32% to jump from $6.9143 in early February to hit a high of $9.44 today, its highest price since August 2022. In the past week alone, it has gained 18.7%.

Altcoins have generally rallied in the past week, with meme coins leading the charge. Dogwifhat (WIF) has stolen the show, gaining a staggering 398% in the past week to push its market cap past $1.6 billion. As reported by Crypto News Flash earlier, WIF’s price surge is securing backing from the major exchanges, with Robinhood the latest to list and all eyes now on Coinbase.

Other meme coins have impressed, too. FLOKI and PEPE were second and third, respectively, on weekly gains, shooting up 270% and 240%, pushing their market cap above the $1 billion mark. Shiba Inu and BONK were not too far behind, with both doubling their prices in the past seven days as the altcoin rally continued.

Can Polkadot Maintain Above $10?

While the meme coins are making a splash currently, it will be the projects with utility that can sustain their gains, and few can compete with Polkadot on this front.

According to Changelly, DOT will average $9 this month, with a high of $9.88. The exchange predicts that the token’s best day this month will be on Mar. 9, with the period between Mar. 20-25 being the toughest and marked by consecutive price dips.

In April. DOT will break above the $10 price, Changelly predicts. However, the exchange says the rest of the year will be rocky for the project. It projects that DOT will trade at $6.99 in June before dipping to $5.94 in November. Nevertheless, the exchange recommends buying the token.

While Changelly paints a grim picture for DOT holders, analyst Michaël van de Poppe is optimistic that a surge is imminent. The Dutch trader and crypto influencer predicts a breakout towards $17. As CNF reported, the trader noted that DOT has set a higher low on the weekly timeframe, which will likely be followed by a higher high.