• Polkadot [DOT] has seen some positive developments over the past week, including its addition to the Cosmos Interchain and an increase in NFT volume.
• The market structure and price action of Polkadot showed bullish signs, with steady demand behind DOT in the past two weeks.
• If this momentum continues, DOT is likely to reach $5.785, but if altcoins continued to note an increased capital inflow, DOT can push toward $7.
Polkadot [DOT] Positive Developments
Polkadot [DOT] has seen some interesting developments over the past week. The Cosmos [ATOM] network announced on 29 June that Polkadot was the latest to join its Interchain . This can offer growth opportunities when enterprise blockchains go mainstream. Additionally, Polkadot’s NFT volume witnessed a massive rise in the middle of June.
Polkadot Showing Bullish Signs
The market structure and price action of Polkadot showed bullish signs and suggested the rally could extend further north. On the price charts, DOT followed Bitcoin’s [BTC] bullish path for the past two weeks. Meanwhile, altcoin market cap continued to rise over the past 48 hours which is a potential indicator that could benefit Polkadot’s overall value. The retest of the 50% retracement level saw a strong bullish reaction as well as steady demand behind DOT in the past two weeks encouraging bullish sentiment.
Possible Price Targets for DOT
Should Polkadot traders wait for capital rotation into Bitcoin by whales? The Open Interest chart saw muted bullish sentiment from speculators indicating that there may be room for further gains if this momentum continues . Therefore, if this momentum continues , DOT is likely to reach $5.785 ,the 61 .8 % Fib extension . However ,if the altcoin market continued to note an increased capital inflow ,DOT can push toward $7 ,the next higher timeframe resistance level .
Trader Sentiment Analysis
The Bitcoin Dominance metric trended upward from 6 June to 29 June and then saw a small dip over the past two days while active users are still struggling despite recent developments . On top of that ,the spot CVD has climbed higher over the past two days but saw a downtrend persist over the past week showing minimal optimism from short-term traders .
Conclusion
Overall recent developments have been positive for Polkadot suggesting that it could rally further north beyond its current levels . If this momentum continues ,it could reach $5 .785 or even go as high as $7 depending on how other altcoins react with increased capital inflows in upcoming days .
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