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
Polkadot’s native token—DOT—tumbled severely during the latest market correction. Its price is down 20% on a weekly scale, briefly plunging below $6. However, it started recovering in the past several hours and is currently trading at around $7 (a 7% increase in the last 24 hours).
One popular cryptocurrency trader who touched upon DOT’s recent price turbulence is the X user FLASH. The analyst argued that the asset’s trajectory is “the ugliest ever,” but the trends might soon change for the better.
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.”
With that beautiful market structure broken, the ugliest chart i’ve ever seen perhaps! That ugly, i have to delete very soon! Head & Shoulder &
or … we confirm a bottom around 0.786, confirm bottom of W2, means V and Vol. soon!
Bought the dip! pic.twitter.com/DG2VQdBYAc
— FLASH (@THEFLASHTRADING) April 14, 2024
Another well-known analyst who added Polkadot’s asset to his portfolio is Michael van de Poppe. He recently claimed that the token has “reached a cycle low on the BTC valuation,” maintaining that “fundamental progress is there.”
Previous DOT Predictions
Many other analysts have outlined predictions on the asset recently. Last week, CRYPTOWIZARD suggested that DOT’s value is on the verge of a “volcanic eruption brewing.” They assumed an 80% price increase should the coin overcome the major resistance zone of $9.60.
The crypto content creator Jake Gagain and the X user CryptoYoddha also gave their two cents. The former envisioned an all-time high sometime next year, while the latter forecasted a rise to $20 this summer.
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