TL;DR
- Polkadot’s DOT is down 4% weekly, trading around $6.20, but a potential resurgence might be on the horizon.
- Some analysts see the asset in an accumulation phase, with a bullish outlook if it holds above a certain resistance level.
Rebound or Further Decline for DOT?
Polkadot’s native token has not been as severely affected as other leading cryptocurrencies during the most recent market correction. Still, its price is down around 4% weekly, currently hovering around the $6.20 level (per CoinGecko’s data).
Well-known analysts on X, including Michael van de Poppe and Crypto Tony, believe a significant resurgence in the following months may replace the negative trend.
The former claimed that DOT is “reaching the crucial area of support and the area for accumulation.” He predicted that the asset will be “a great mover in the coming years” based on the numerous projects within the Polkadot ecosystem, such as the growing RWA industry.
The analyst presented a price chart according to which DOT may establish a “higher low” before heading north. He envisioned a rally toward $17 as long as the token surpasses the major resistance level of $9.29.
Crypto Tony argued that DOT bulls “are doing well and holding” as of the moment. He thinks the bullish trend could be interrupted if the asset slips below the $5.80 mark (approximately).
“If we can continue to hold for a few weeks, I will look for an entry,” the trader said.
Previous Forecasts
Crypto Thanos and il Capo of Crypto also touched upon the matter recently. The former suggested that Polkadot’s token is in the “accumulation range” as long as it trades in the $6-$7.50 range.
The analyst has high hopes for it based on several fundamentals such as “supersession of the old model of parachain auctions,” “radical change in the use“ of the asset, reduction of inflation via the burning of fees, and others.
For their part, il Capo of Crypto maintained that DOT is “forming a new bullish trend“ and is leading among major blockchains in advancing Artificial Intelligence (AI) and gaming.
Last but not least, Ash Crypto – an X user with over a million followers, revealed that they still hold their stash of over 120,000 DOT tokens, which currently equals almost $750,000.
The post Here’s Why Polkadot (DOT) Might be a ‘Great Mover in the Coming Years:’ Analyst appeared first on CryptoPotato.
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