Analyst Are Optimistic For Polkadot, Can It Rise Beyond 800%?

• 1 Despite the market sentiment hit rock bottom this year, an analyst noted that he was optimistic on his high-conviction picks.
• 2 Polkadot’s active addresses are increasing, that signifies growth in the asset.
• 3 The MACD exhibits a bullish cross beneath the zero line, which presents buyers’ strengthening.

The Polkadot active addresses are on the rise, and that refers to unique addresses of DOT users that participate in one or more transactions. The number of distinct addresses in DOT that participated in a transfer for the given asset in a 24-hour window is 1070 transactions, the 7-day window is 4511 transactions, and in the 30-day windows is 12.3K transactions.

Active Addresses 24H, 7D, & 30D | Source: TradingView

This illustrates that more people are using and trading the Polkadot (DOT), which portarys that a higher demand and value for the crypto are increasing over time.

Analyst Looks DOT Optimistically!

An analyst, RektFencer, tweeted that the market sentiment has hit rock bottom this year, but others are dumping the assets.

He further optimistically said that he was buying the dips on his high-conviction picks. He illustrated that DOT looked primed for a rally with 850% probable gains ahead on the weekly timeframe.

What Does Polkadot (DOT) Price Action Signify?

DOT showed a spectacular run from the $4.5 base to the $11.8 top, where it failed to break and ended up in a contracted wedge. The deterioration in the wedge pushed the price below the resistance turned support level of $5.50.

DOT is set for a gigantic surge on the daily chart as it seems more than ready to crack the resistance trendline and propel to new peaks from the current support zone.

Polkadot (DOT) Indicator Overview & Forecast!

The Polkadot asset has exhibited bullish strength this week by surging 12.94%, and on intraday, it surged 1.16%. Also, the price shows rising capacity as it approaches major 50-day, and 200-day EMA’s.

Technical indicators are highlighting bullish behavior as the MACD shows a bullish cross beneath the zero line, highlighting buyers’ strength. The RSI at 52.30, recovered from 30 and is headed for the 70 level, highlighting that DOT could extend its gains.

DOT 1.D. | Source: TradingView

DOT crypto has traded at $6.361, with a 60.87% surge in the 24-hours volume at $256.218 Million. If the demand for the DOT remains high, the asset price could propel higher, breaking the upper boundary of the wedge from the current level. The next resistance for the price could be at $7.8, and $9.5.

However, if DOT price fails to stay above $5.5, it could decline further toward $5 and $4.

Summary

Polkadot’s active addresses are increasing, with 1070 in 24 hours, 4511 in 7 days, and 12.3K in 30 days. RektFencer notes low sentiment due to price are available at lows, but he wishes to buy dips. DOT surges from $4.5 to $11.8, then retraces. Price recovered from the $5.50 support. DOT may rally above the resistance trendline. Technical indicators are bullish. DOT was at $6.361 with high volume. Next resistance levels are $7.8 and $9.5, with support at $5 and $4.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Amanda Shinoy

Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.