Polkadot’s (DOT) Price Surge: Can It Reach US$12?

Will Polkadot's (DOT) Market Triumph Lead to a US$12 Surge, Surpassing Solana and Cardano?

 Polkadot's price is rising due to good interest from institutional investors. The cryptocurrency appears to be approaching a previously failed high. However, it may encounter several resistances along the way, perhaps dampening the current bullishness.

Polkadot outperforms Solana and Cardano

Polkadot prices recovered by 12% this week, with institutions and ordinary investors sharing the credit. Their interest in DOT increased significantly in the week ending March 23, to the point where they chose this cryptocurrency over Solana and Cardano.

Polkadot saw inflows of US$5 million, which, while little, is nevertheless encouraging. On the other side, SOL and ADA both reported outflows of US$5.6 million and US$3.7 million, respectively. This demonstrates that institutions chose DOT this week, which increased the price.

Similarly, ordinary investors are returning to an optimistic mindset following the rebound. This is crucial for Polkadot pricing because excitement begets confidence, propelling the coin upward.

DOT Price Prediction: Will Investors Expect US$12 Again?

The optimistic signs indicate that Polkadot pricing is on the verge of recovery and will continue increasing. Over the last two weeks, the cryptocurrency has formed a rounding bottom pattern. This bullish reversal pattern indicated a probable 31% gain, with the target price at US$12.

While DOT failed to meet this objective during the previous bull run, it has a chance this time around if it can break past the resistance levels at US$10 and US$11. This local hurdle may impede Polkadot's climb, and if it fails to overcome these obstacles, it may fall back to the US$9.2 support level. Losing this level would undermine the bullish premise, forcing a drop to US$8.