TL;DR
- Polkadot (DOT) has dropped 22% in value over the past week. Despite this, some traders look at it as an opportunity right now.
Analysts predict a significant rebound for the asset, with potential targets ranging from $20 this summer to near $47 next year.
The Right Moment to Invest in DOT?
Polkadot’s native token – DOT – has suffered painful losses during the latest crypto market decline, with its price nosediving by 22% on a seven-day scale. Earlier this week, the asset tumbled below the $6 mark for the first time since December 2023, while currently, it hovers at the $6.30 level (per CoinGecko’s data).
Despite some analysts expressing doubt, the X user with a large following, known as Wolf of Altcoins, is bullish on DOT and believes it will surmount obstacles to reach new heights.
An enthusiast has ranked DOT as one of the leading cryptocurrencies to purchase right now. Notable altcoins sharing this distinction are Cardano (ADA), Arbitrum (ARB), Kaspa (KAS), Uniswap (UNI), Chainlink (LINK), and others.
Some traders, including FLASH and Michaël van de Poppe, see the current dip in DOT price as a buying chance. Consequently, they have recently purchased the asset for their individual portfolios.
Short-Term Bitcoin Price Prediction
CRYPTOWIZARD, a renowned analyst and trader, believes that Polkadot’s native cryptocurrency is on the verge of a significant price surge. If it manages to break through the major resistance point at $9.60, CRYPTOWIZARD anticipates an approximately 80% price hike.
According to CryptoYodda’s perspective, DOT has the potential to attain a two-year peak of $20 during the summer months. On the other hand, Jake Gagain holds a more optimistic viewpoint, projecting that the value of this asset could touch $47 by some point next year, almost reaching a new record high.
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2024-04-18 16:24