Amidst the recent crypto market correction, Polkadot (DOT) has experienced a 15% dip, trading below $10 at the $9 level after hitting a 2024 yearly peak of around $12 a few days ago. Despite this temporary setback, AlanSantana, one of the most popular traders on TradingView, remains bullish on DOT’s long-term prospects and says it ‘looks good’.
In a recent post, AlanSantana shared his analysis, drawing parallels between DOT’s current price action and its performance in 2020 and 2021. He highlighted the cyclical nature of the cryptocurrency market, which moves within a four-year cycle based on Bitcoin’s halving event.
With the next halving approaching, AlanSantana expects a market-wide correction, followed by sustained massive growth across the board, including Polkadot.
AlanSantana’s chart analysis suggests that DOT’s current support zone around $9 aligns with the 0.382 Fibonacci retracement level. However, he anticipates a potential further retracement to the $5.5-6 area, which corresponds to the 0.786 Fibonacci level.
Once this retracement phase is complete, AlanSantana foresees a significant upward move for DOT, marked by a big green arrow on his chart, propelling it not only to break its previous all-time high (ATH) of around $53 set during the 2021 bull run but even surpassing the $100 level. This prediction is reinforced by DOT’s similar parabolic run in 2021.
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Show more +Conclusion
While the recent market correction has temporarily dampened DOT’s performance, AlanSantana’s analysis provides a bullish outlook for the long-term prospects of Polkadot. According to the elite trader, DOT is poised to not only recover but potentially set new all-time highs, surpassing the $100 mark.
This optimistic prediction is based on the cyclical nature of the crypto market and DOT’s historical performance during previous bull runs. As the market prepares for the upcoming Bitcoin halving event, investors may want to keep a close eye on Polkadot as a potential beneficiary of the anticipated market-wide growth.
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