Polkadot Drops to $6 But Some Remain Optimistic, What’s Next? (DOT Price Estimate)

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Polkadot Drops to $6 But Some Remain Optimistic, What’s Next? (DOT Price Estimate)


TL;DR

• polkadot (DOT) is trading around $6.37 amid a market correction, with analysts predicting a potential upside if it breaks through key resistance zones.
• While the Relative Strength Index (RSI) indicates that the asset may be poised for an uptrend, current levels suggest it is not overbought.

Bears May Be Disappointed


Polkadot’s DOT yet Another cryptocurrency that has been greatly affected by the ongoing market correction. It is currently trading around $6.37 (according to CoinGecko data), representing a 2% decline on a daily basis and a 14% decline on a two-week basis.

One popular Commenting on the asset’s downtrend, analyst X user is Yakuza. Hey

requested last week’s surge commented on DOT’s bullish mood but suggested “the party isn’t over yet.”

The analyst highlighted a key resistance level at around $7.90, which could be followed by a significant rise above $13. if overcome.

“The bears are spending extra hours to make sure we don’t scale these ranges before the third quarter. “They will be extremely disappointed,” they added.

Block Diversity explained its entry into the DOT ecosystem as follows: -most investor. The analyst jumped on the bandwagon when the asset was valued at $4.90 and then increased risk when the asset reached $7.50 and then dropped to $6.20. User X stated: will be kept in the stash in the long run:

“The average purchase was about $6.3. I keep this heavy bag for a long time. NO to sell inner face. Note: This is one of my biggest spot positions, followed by SKL, FIL, ZIL, ATOM and so on. XTZ.”

Previous Predictions and Key On-chain Metrics


Another analyst predicted a DOT rally if a situation is breached definite Resistance zone Michael van de Poppe. Hey summarized His prediction last week predicted a rise to $17 if the asset broke the $9.30 mark.

Crypto Thanos also stepped in to assume Anything between $6 and $7.50 is part of the DOT’s accumulation phase, he said. The crypto enthusiast has high hopes for the token based on certain fundamentals such as “elimination of the old parachain auction model,” “radical change in usage,” reducing inflation through fee burning, and others.

One mother On-chain indicator signaling the value of DOT it could really happen to be balanced Relative Strength Index (RSI) is used for bullishness. This momentum oscillator helps determine whether the coin is overbought or oversold, thus indicating potential reversal points.

It ranges from 0 to 100, as anything above 70 indicates a price correction may be imminent. Data demonstrations The RSI appears to have been below this level since May 22 positions at 32.

DOT RSI, Source: Crypto Waves


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