Here’s why Polkadot (DOT) could be a ‘big move in the next few years’: Analyst

TL;DR

Polkadot DOT is down 4% on the week, trading around $6.20, but there could be a potential resurgence on the horizon. Some analysts see the asset in an accumulation phase, with a bullish outlook if it holds above a certain resistance level. DOT rebound or setback?

Polkadot’s native token has not been affected as much as other leading cryptocurrencies during the most recent market correction. Still, its price is down around 4% weekly, currently around the $6.20 level (according to CoinGecko data).

Well-known X analysts, including Michael van de Poppe and Crypto Tony, believe that a significant resurgence in the coming months can replace the negative trend.

The former stated that the DOT is “reaching the crucial area of ​​support and the area of ​​accumulation.” He predicted that the asset will be “a big driver in the coming years” based on the many projects within the Polkadot ecosystem, such as the growing RWA industry.

The analyst presented a price chart that the DOT may set a “higher minimum” before heading north. He predicted a rally towards $17 as long as the token breaks the main resistance level of $9.29.

Crypto Tony argued that the DOT bulls are “doing well and holding” as of now. He believes that the uptrend could be interrupted if the asset falls below the $5.80 mark (roughly).

“If we can continue to hold out for a few weeks, I’ll look for a ticket,” said the merchant.

Previous forecasts

Crypto Thanos and il Capo de Crypto also covered the topic recently. The former suggested that the Polkadot token is in the “accumulation range” as long as it trades between $6 and $7.50.

The analyst has high hopes for it based on several fundamentals such as “overcoming the old model of parachute auctions”, “radical change in use” of the asset, reduction of inflation through commission burning and others

For his part, il Capo de Crypto maintained that DOT is “forming a new bullish trend” and leading among the major blockchains in advancing artificial intelligence (AI) and gaming.

Last but not least, Ash Crypto, an X user with over a million followers, revealed that they still have their stash of over 120,000 DOT tokens, which is currently worth nearly $750,000.

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