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July 19, 2024
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Polkadot (DOT) Price Poised For 90% Surge in March: Analyst Maps Next Levels

The post Polkadot (DOT) Price Poised For 90% Surge in March: Analyst Maps Next Levels appeared first on Coinpedia Fintech News

As Bitcoin (BTC) price rallies above $60,000 for the first in more than two years, the altcoin market is gradually catching up on a bullish trend. The rise of blockchain technology is inevitable as institutional investors lead in crypto buying pressure. With the existence of dozens of blockchains including layer-ones and layer-twos, the need to connect them securely has dramatically increased.

As a result, layer zero blockchains have emerged to enable different blockchains to communicate securely at scale. The Polkadot (DOT) ecosystem has thrived in this category for the past few years. 

Polkadot Ecosystem at a Glance

The Polkadot network has grown to a billion-dollar ecosystem with the potential of rallying further in this bull cycle. According to on-chain data provided by subscan, the Polkadot network has 3.1 million accounts from around 1.2 million holders. 

As of this report, the staked and bonded DOT tokens amounted to more than 53 percent, thus leaving less amount in circulating supply.

Some of the notable blockchains and web3 projects using the Polkadot’s parachains include Acala, Astar, HydraDX, Interlay, Litentry, Moonbeam, and Pendulum, among others.

Poppe’s Take on DOT Price Action

According to a popular crypto analyst Michaël van de Poppe, the DOT price is on the cusp of a major bullish uproar in the coming months. Poppe argues that DOT has already established a higher low and is on the cusp of forming a higher high on the weekly time frames. Consequently, Poppe is confident DOT price will reach $17 as the first target in the near term.

The DOT’s bullish stance is bolstered by the fact that the weekly chart has been forming an inverted head and shoulder (H&S) pattern coupled with a rising divergence on the Relative Strength Index (RSI). When the weekly RSI rallies above the 70 level, the DOT price will be open for a parabolic rally toward the all-time high (ATH) and beyond.

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