Here’s Why Polkadot’s (DOT) Recent Price Drop Could Be Good News: Analyst

TL;DR

Despite recent price drops, analysts are predicting a potential rally for Polkadot ( DOT ), with some suggesting it could reach significant highs in the near future. Key crypto figures remain bullish on the token’s long-term growth, endorsing the strategy of accumulating during dips for substantial future gains. Where is DOT headed?

The price of Polkadot (DOT) has fallen over the past few weeks, falling 8% on a monthly basis and currently trading around $6.50 (according to CoinGecko data).

DOT price, Source: CoinGecko

Despite the negative trends of recent times, some analysts believe there is a resurgence. User X with over 100,000 followers, FLASH, believes the recent price drop could be “a textbook correction” that will eventually be replaced by a rally towards $20. “The $5 level during the removal of the summer hole could be attractive,” they said supposed.

For his part, Crypto Thanos highlighted the potential for DOT to enter a bull mode soon. the analyst suggested that the asset’s descending parallel channel is about to break out, asking investors if they have already bought the dip.

Crypto Tony also chimed in, imagining a rally once DOT regains the critical $7.50 resistance level. He also advised investors to jump on the bandwagon as soon as the asset hits that mark.

Previous forecasts

Michael van de Poppe and CRYPTOWZRD are among the many additional analysts who outlined DOT’s price predictions. The former introduced himself as a big fan of Polkadot, praised the protocol’s “fundamental progress” over the years, and jumped on the bandwagon as an investor. CRYPTOWZRD stated that the asset is ready for a “volcanic eruption” if it breaks above the major resistance zone at $9.60.

Most recently, user X Dippy.eth described DOT as “the sleeping giant” that is poised to shoot up 60% in the short term and substantially more in the long term:

“For short-term price targets, at least 60% more. But for bullfighting targets they are much higher (a couple of X’s). Accumulating on dips is a good strategy, as the DOT could be seeing new highs when the peak season fully begins.”

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