Polkadot's native token, DOT, hasn't seen the same explosive growth as other cryptocurrencies despite the recent market surge, with its price hovering around $7.20 according to CoinGecko. Nonetheless, prominent analysts like Michael van de Poppe believe DOT has strong fundamentals and potential for a significant rally, projecting a 130% increase to $17 once it surpasses the critical resistance at $9.30.
Other analysts, such as Crypto Thanos and il Capo of Crypto, also express optimism about DOT's future. Crypto Thanos sees DOT still in an accumulation phase, highlighting its evolving use cases and potential for fundamental changes like the improvement of parachain auctions and reduction of inflation through fee burning. Meanwhile, il Capo of Crypto suggests DOT is forming a new bullish trend, emphasizing its role in advancing AI and gaming through secure data transfers, decentralized processing, and enhanced security and governance.
Other analysts weighing in on the topic recently include Block Diversity and Altcoin Sherpa. Block Diversity anticipates a price rise for DOT as long as it remains above $6.90, a level it briefly dipped below on May 31 before recovering. Altcoin Sherpa also predicts a bull run for DOT but believes it won't outpace the overall market, suggesting selling holdings during the next market surge might be prudent.
An essential on-chain indicator signaling the potential for DOT's price surge is the Relative Strength Index (RSI), which ranges from 0 to 100 and helps identify overbought or oversold conditions. A reading above 70 indicates a potential correction. Recent data shows DOT's RSI has been below 70 since May 22, suggesting it may have room for upward movement.
June 2024, Cryponiteuae