TL;DR
Polkadot’s price briefly surpassed $7, with its market cap nearing $10 billion, suggesting that the market might have been revived.
DOT could see a rally to $20-$25 or $9-$13 if it overcomes key resistance levels and benefits from recent protocol developments, analysts asserted.
Where Is DOT Headed?
Polkadot’s native cryptocurrency is not among the top-performing cryptocurrencies during the most recent market revival but is situated well in the green. Its price briefly surpassed the $7 mark, whereas its market capitalization neared the $10 billion milestone.
One person who believes the asset is poised for future gains from now on is the X user Michael van de Poppe. He claimed that DOT has already “bottomed,” especially since the introduction of the JAM whitepaper in April.
Recall that the team behind Polkadot released the Join-Accumulate Machine (JAM) Gray Paper nearly a month ago. The upgrade combines elements of Polkadot and Ethereum and “provides a global singleton permissionless object environment.”
Another analyst envisioning a bright future for DOT is Block Diversity. They suggested that the token’s valuation could surge to $9, $11, and eventually $13 once it clears the major resistance level of $6.90. DOT’s price has hovered around that line for the past several hours, which has become a major roadblock on its upward trajectory.
Additional DOT Forecasts
Other crypto enthusiasts touching upon the asset as of late include FLASH and Crypto Thanos. The former described DOT’s previous price retreat as “a textbook correction” that will eventually be replaced by a resurgence towards the $20 mark. “$5 level during summer hole bleedout could be attractive,” they added.
Crypto Thanos argued a few days ago that the token’s descending parallel channel was about to break out. DOT’s price has already overcome that level in the last 12 hours or so by climbing above $6.8, so it would be interesting to follow whether their analysis will play out.
Those willing to check even more DOT price predictions can browse our dedicated section here.
The post Here’s Why Polkadot’s (DOT) Price May Rally to $20-$25 Soon (Analysts) appeared first on CryptoPotato.
