TL;DR
Polkadot’s DOT has risen 12% this week, trading around $6.30, with industry participants predicting further growth and potential volatility, aiming for prices between $6.70 and $22.
Analysts Rekt Fencer and Crypto Tony see a potential for DOT to reach new highs, forecasting up to $60 if it stays above key support levels and reclaims resistance zones.
When a Bull Run?
Polkadot’s native cryptocurrency—DOT—is among the best-performing digital assets on a weekly scale, seeing its price rise by 12%. It currently trades at around $6.30 (CoinGecko’s data), with some analysts expecting a further uptrend in the near future.
DOT Price, Source: CoinGecko
EliZ – an X user with almost half a million followers – predicted huge volatility for the token in the following days and an eventual increase to approximately $6.70.
Michael van de Poppe – another popular analyst – was much more bullish. He touched upon the matter last week, claiming that DOT seemed to be “breaking upwards from the crucial area of support.” The trader went further, forecasting a rally to as high as $22 should the price cross the $9.29 resistance level.
It seems like $DOT is breaking upwards from the crucial area of support.
If this is the rotation, then the next run is likely going to bring it towards $17-22. pic.twitter.com/onB5X7BjOh
— Michaël van de Poppe (@CryptoMichNL) June 25, 2024
Additional Predictions
The X users Rekt Fencer and Crypto Tony were among those speculating on DOT’s movement last month. The former assumed the asset has “entered the AI race,” forecasting a price explosion to a new all-time high of more than $60 by the end of this year.
Crypto Tony outlined the $5.70 mark as a “key support level,” promising to hop on the bandwagon as an investor should DOT stay above that zone “for a few weeks.”
Shortly after, the analyst said the moment for “a safe entry” would be once the token reclaims the $6.50 resistance level.
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