Polkadot (DOT) Targets $16 Amid Bullish Momentum!
2024-12-09

Polkadot (DOT) has shown strong bullish momentum, rallying from its accumulation zone near $5–$6. The price is currently testing the resistance range of $11.54–$12.50. A breakout above this level could lead to a rally toward the 0.236 Fibonacci retracement level at $15.98, followed by $23.24 (0.382 level) and $29.11 (0.5 level) in the medium term.

This move is supported by altcoin season dynamics, technical breakout patterns, and Polkadot's ecosystem growth. However, resistance at $12.50 could trigger consolidation or short-term corrections. Major support levels to watch are $7.67, $6.31, and $5.56. Broader market trends and Bitcoin's performance will also play a critical role.

Outlook:
 
Short-term: Bullish, with targets at $12.50 and $15.98.
Medium-term: Continued rally possible toward $23.24 and $29.11 if resistance levels break.
Long-term: Bullish trend dependent on holding key support zones; risks increase if $7.67 fails.
