Three Important Polkadot (DOT) Price Predictions to Watch

TL;DR

• Polkadot’s native token, DOT, is currently priced at around $7.20, showing a modest 2% weekly increase, despite a booming cryptocurrency market.
• Analysts, including Michael van de Poppe and Crypto Thanos, predict a potential bull run for DOT, with targets up to $17, driven by fundamental growth, improved use cases, and advancements in AI and gaming.

DOT’s Next Target

While the cryptocurrency market has been booming lately, Polkadot’s native token – DOT – has not recorded as substantial gains as most of the leading assets. Its price currently stands at around $7.20 (per CoinGecko’s data), representing a 2% increase on a weekly scale.

Many well-known analysts, though, remain optimistic that DOT is yet to experience a bull run, praising its merits. One example is the X user Michael van de Poppe, who claimed that the coin “is doing great in fundamental growth.”

He believes the moment is perfect for investors to enter DOT’s ecosystem, envisioning a 130% rally toward $17. However, he added, the price must first overcome the “crucial resistance” at $9.30.

Crypto Thanos and il Capo of Crypto also gave their two cents lately. The former assumed that DOT is “still in accumulation range” and “is improving their use cases day by day.” The analyst has high hopes for it based on several fundamentals such as “radical change in the use” of the token, “supersession of the old model of parachain auctions,” reduction of inflation via the burning of fees, and others.

For their part, il Capo of Crypto argued that DOT is “forming a new bullish trend” and is leading among major blockchains in advancing Artificial Intelligence (AI) and gaming. 

“It ensures secure data transfers, decentralized processing for AI, and seamless asset integration in gaming, with enhanced security and governance,” the analyst concluded.

Previous Forecasts

Other analysts touching upon the matter in the past few weeks include Block Diversity and Altcoin Sherpa. The former predicted a price increase as long as DOT stays above the $6.90 mark. Recall that its value briefly dropped below that level on May 31 before reclaiming it. 

Altcoin Sherpa envisioned a bull run but claimed that DOT won’t be able to outperform the rest of the market. As such, they think selling holdings during the next pump is the right move.

One important on-chain indicator that signals that the asset’s price is yet to surge is the Relative Strength Index (RSI). It ranges from 0 to 100 and is typically used to identify overbought or oversold conditions in a market. A ratio above 70 suggests that DOT could be headed for correction. The latest data shows that RSI has been hovering below that level since May 22. 

The post Three Important Polkadot (DOT) Price Predictions to Watch appeared first on CryptoPotato.