In a tweet, top crypto analyst Michaël van de Poppe declared Polkadot (DOT) as “one of the blockchains that’s heavily undervalued.” His analysis, combined with technical insights from theCryptolusionist, paints a bullish picture for DOT. Van de Poppe believes in DOT’s potential and its focus on Real-World Assets (RWAs).
According to Michaël van de Poppe, Polkadot’s recent JAM Upgrade and its emphasis on Real-World Assets (RWA) position it uniquely in the blockchain ecosystem. He noted that six major RWA projects, including Centrifuge, Energy Web, and Xcavate, are part of the Polkadot ecosystem. Van de Poppe’s analysis suggests that DOT’s strong focus on scalability and security underpins its undervaluation.
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Polkadot (DOT) Price Analysis
Van de Poppe’s weekly chart analysis of DOT reveals critical price levels and trends. As of the latest data, DOT is trading at approximately $7.05. The chart utilizes red and green candlesticks to indicate weekly price declines and increases, respectively. Key resistance and support levels are crucial in understanding DOT’s price movements.
One of the key resistance levels is marked at $17.000, identified as a potential breakout point if prices rise to this level. Another resistance level is at $9.295, while the current support level stands at $5.673. These levels are essential in determining the potential for price movements and market trends.
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Show more +DOT Price Prediction
The chart analysis indicates a higher low formation, a bullish trend signal suggesting increasing buyer confidence. Volume bars at the bottom of the chart indicate trading volumes, which, when combined with price movements, offer insights into market strength. Higher trading volumes during price increases or decreases can signal stronger market movements.
The formation of higher lows is a bullish indicator, signaling that buyers are entering the market at higher prices after each dip. This trend suggests growing confidence among investors.
If DOT’s price can rise towards and surpass the $17.000 resistance level, it could signify a strong bullish breakout, potentially leading to higher prices. However, failure to break this level might result in price rejection and possible pullbacks.
Expert Insights on DOT’s Potential
Another analyst, theCryptolusionist, praised the technical analysis of DOT, describing it as a masterclass in technical analysis. He highlighted a Bearish Gartley pattern on the weekly chart and an ABC correction that has been completed.
Besides, he also noted the formation of an ascending triangle on the daily chart, indicating a bullish pattern that could bring the price over the yearly open for a bullish continuation.
Hence, Polkadot (DOT) stands out as a blockchain with potential, underpinned by strong fundamentals and technical indicators. Moreover, Michaël van de Poppe’s analysis emphasizes DOT’s undervaluation and its promising future, especially with its focus on RWAs and technological upgrades.
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