Several prominent crypto analysts have recently issued enthusiastic forecasts for the price of Polkadot’s DOT token. Most notably, analyst Michaël van de Poppe stated that DOT is positioned for a continuation higher across crypto ecosystems. Specifically, he believes DOT could surge over 130% from current levels to reach $17.
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Analysts Forecast Gains for Polkadot’s DOT
In his tweet, van de Poppe pointed out that Polkadot is making higher highs and higher lows on the higher timeframes. This price action is indicative of a strong uptrend. After bouncing off support around $6, DOT is now trading above $7. However, van de Poppe identified the next major resistance zone at $9.30.
Additionally, he noted that breaking above this resistance could spark a massive spike towards $17. At the current price, this target represents a gain of over 130% for DOT holders.
Besides van de Poppe’s optimistic analysis, other prominent analysts have echoed his bullish sentiment. Several have highlighted Polkadot’s impressive potential in both the short and long term.
Over the past 24 hours, the enthusiasm has already translated to a 3.48% gain for DOT, bringing it to $7.20 per data from altFins. Moreover, DOT has climbed 6.04% over the last week.
DOT Appears Poised for Breakout According to Technical Analysis
Per the altFINS data, the price is trading in a Falling Wedge pattern. Trend traders should wait for a bullish breakout above the upper trend line and buy with an upside potential to $8. This would offer an attractive reward. Swing traders could enter long on a pullback to the support zone between $5.35 and $5.80.
Source: altFINS – Start using it today
The emerging Falling Wedge pattern usually results in a bullish breakout to the upside. When the price breaks above the upper descending trend line, it is expected to start trending higher. Swing traders could trade between the convergence lines before the breakout occurs. Most traders should wait for the completed pattern and confirmed breakout before buying.
According to AltFINS, the medium-term trend is neutral while the short- and long-term trends are in uptrends.
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