TL;DR
- Polkadot (DOT) remains well in the red on a weekly scale following the latest market decline.
Nonetheless, some analysts are optimistic about the asset’s potential for significant gains in the near future, adding it to their portfolios.
DOT’s Next Possible Move
The price of Polkadot’s native token, DOT, took a significant hit during the recent market downturn, dropping approximately 20% over the past week and dipping below $6 at one point. But in the past few hours, there have been signs of recovery, with the token currently trading around $7 – a 7% increase from its previous 24-hour low.
A well-known cryptocurrency trader, FLASH on the X platform, has commented on DOT‘s recent volatile pricing. According to FLASH’s analysis, DOT’s price direction has been particularly unattractive, but there are signs that its trend may soon improve.
FLASH assumed that DOT will either continue dropping in the near future or ascend impressively toward the $20 mark. It seems like the trader is rooting for the second option since revealing they “bought the dip.”
#Polkadot $Dot
After the stunning collapse of that market structure, I’m faced with what might be the most unappealing chart I’ve ever encountered. I may have to delete it soon. The ominous sign of a Head and Shoulders formation or other similar patterns suggests we’ve reached a bottom around 0.786. This confirmation of the Week 2 bottom means an impending rebound in both price and volume is on the horizon.
Bought the dip!
— FLASH (@THEFLASHTRADING) April 14, 2024
A renowned analyst, Michael van de Poppe, is another individual who has included Polkadot’s asset in his investment portfolio. He recently stated that the token has hit its bottom point against Bitcoin‘s value and emphasized that significant advancements can be observed fundamentally.
Previous DOT Predictions
Several other analysts have shared their forecasts on DOT‘s value lately. Last week, CRYPTOWIZARD expressed the belief that DOT is about to experience a significant price surge. They estimated that if DOT manages to break through its major resistance level of $9.60, it could lead to an 80% price hike.
Jake Gagain and user CryptoYoddha in the crypto community shared their perspectives as well. Jake believes we may reach a new record high by next year, while CryptoYoddha predicts a summer surge towards $20.
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2024-04-15 16:30