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Cryptocurrency News Articles
Polkadot (DOT) Price Prediction: Will DOT Hit $7.70 Soon?
Jun 02, 2024 at 02:00 pm
Polkadot's [DOT] price in the last 90 days has been far from assuring. This, because the token has lost 23.60% of its value within the aforementioned period.
Polkadot’s [DOT] price has been on a downtrend in the last 90 days. However, AMBCrypto’s analysis suggested that the token might soon be up for grabs. One reason for this prediction was the liquidation heatmap.
Next up is the magnetic zone
To provide some context, liquidation occurs when a trader’s position is closed due to price movements, insufficient margin balance, or both. However, the liquidation heatmap helps traders identify areas of high liquidity.
This can be used to predict possible entry and exit points. At the time of writing, using Hyblock’s data, there was a concentration of liquidity in the range of $7.59 – $7.70. This zone is known as a magnetic zone, and the price of Polkadot could move in this direction.
If DOT reaches the $7.70 level and buying pressure builds, the price could continue to rise. However, if the identified liquidation levels are on the sell side of the order book, the price could reverse.
According to analyst Michaël van de Poppe’s assessment on X, DOT has been trading at a discount. He attributed this to Polkadot’s scalability and security offerings, which are key aspects of the token. He wrote,
“DOT is one of the blockchains that’s heavily undervalued. They released their JAM Upgrade & the project is focusing on RWA.
Why?
– DOT focuses on scalability & security.”
Polkadot community “JAMs” to the rhythm
In this context, JAM stands for Join-Accumulate Machine. A few days ago, the Polkadot community voted on the implementation of this upgrade.
However, the community wasted no time in agreeing unanimously to the deployment. With the JAM upgrade, the project can change the relay chain, and interaction with other blockchains may improve.
Moreover, Polkadot’s ties to the creation of an ecosystem for Real World Assets (RWAs) could propel DOT’s hike. However, this could be for the long term, potentially driving the price to $20 on the charts.
Looking again at its short-term potential, the Relative Strength Index (RSI), as observed by Santiment, was at 48.43. Previously, the RSI was at 29.97 – A sign that the token was oversold.
Source: Santiment
Hence, its recent bounce from the lows indicated that DOT’s momentum was exiting its bearish phase. If sustained and if the altcoin crosses the 50.00 neutral region, the bullish prediction could be validated, and the price might hit $7.70.
AMBCrypto also examined the one-day volatility. At the time of writing, the metric was expanding, suggesting that the price fluctuation could be significant.
Read Polkadot’s [DOT] Price Prediction 2024-2025
If the increasing volatility is accompanied by the mentioned buying pressure, DOT’s hike can be validated. However, if bears enter the picture, the prediction will be neutralized.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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