According to TOP analysts, the strong momentum will continue to drive the DOT upwards
Several prominent analysts are in favor of polkadot (DOT) continuing its uptrend as there is a lot of hype and momentum surrounding it in the near future.
In one Video Van de Poppe says that the seventh largest cryptocurrency by market capitalization is “accelerating very quickly”.
“There is a lot of buzz and hype surrounding polkadot as Parachain auctions are imminent. A new zone of demand is forming between $ 43 and $ 45, and this is also an important area that the bulls need to maintain in order for the upward momentum to remain intact.
Van de Poppe is referring to the Parachain auction that starts November 11th and will result in the supply of DOT circulating in the market rapidly dwindling as many projects will have to raise funds from the community. This step is the basis for DOT to explode in the future.
Using the expanded Fibonacci tool, Van de Poppe reveals his potential target for Polkadot.
“Since the DOT entered the pricing phase, the Fibonacci has been a great tool for identifying the next target. We see that $ 75 and $ 115 are potential target areas corresponding to the external fib retracement levels of 1.618 and 2.618 when measuring the pullback from the previous ATH. “
DOT / USDT daily chart | Source: Van de Poppe
Adding to DOT’s bullish outlook, analyst Benjamin Cowen believes DOT may be rises to $ 111 when you factor in the DOT / ETH pair.
“The DOT / ETH pair has ricocheted off a strong support area and is currently heading towards an all-time high. If this were the case, it would have to increase by 120% compared to the current price. If the ETH valuation remains unchanged … this means that DOT / USD could rise by 120% to reach a new ATH of 111 USD. “
Weekly DOT / ETH chart | Source: Benjamin Cowen
Weekly DOT / USDT Chart | Source: Benjamin Cowen
You can see the DOT price Here.
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According to Dailyhodl