Leading Analyst Sees Massive Gains for Polkadot (DOT)
Leading cryptocurrency analyst Michael van de Poppe forecasts an increase in the value of DOT, Polkadot’s native coin. The analyst’s remarks coincide with a recent surge in the overall cryptocurrency market.
Polkadot will heed the increasing trajectory of Ethereum
Based on an analysis of current Tradingview data, the analyst predicts that Polkadot will make significant changes in the near future, matching Ethereum’s upward trajectory.
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This suggests that Polkadot may profit from Ethereum’s expanding ecosystem. Take note that Ethereum and Polkadot are complementary platforms with similar investors. Consequently, a shift in one’s price may have an impact on the other.
According to the researcher, Polkadot is currently valued far less than Ethereum. Van de Poppe thinks there is still significant potential for Polkadot’s price to rise, though.
It is expected that $DOT will rise in tandem with Ethereum. This indicates that Polkadot is currently valued at an exceptionally low amount. With all the new components in the Polkadot ecosystem, I have high expectations for it. tweet.com/HjwCQhG2fR
On June 28, 2024, Michaël van de Poppe (@CryptoMichNL)
He expects significant growth in the Polkadot ecosystem. In essence, this might entail brand-new initiatives, features, or even collaborations.
Unexpectedly, Polkadot just unveiled a significant platform update. The latest iteration of the protocol, called “Asynchronous Backing,” seeks to enhance the way the Relay Chain verifies parachain blocks.
Ethereum and DOT’s parabolic movement comparison
As of the time of writing, DOT’s price is $6.36, up 4% over the previous day. With the market capitalization at $9 billion, the trading volume surged by an astounding 28.7% to $233 million.
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Technically speaking, this Awesome Oscillator (AO) divergence on the daily time scale indicates that DOT is printing a strong bullish reversal. As a result, some analysts predict that DOT is likely to revisit the $7.8 resistance level.
Ethereum’s price, however, recovered from the short-term turbulence in the cryptocurrency market on Thursday, rising to above $3,400. According to a market analyst, Ethereum’s latest increase is in line with past trends, and the altcoin is expected to reach a price objective of roughly $7,500.
SOURCE : U.today