Michael van de Poppe, a prominent cryptocurrency analyst, predicts a bullish move in the price of Polkadot’s native token, DOT. The analyst’s comments come amid a recent rally in the broader cryptocurrency market.
Michael van de Poppe, a prominent cryptocurrency analyst, predicts a bullish move in the price of Polkadot’s native token, DOT. The analyst’s comments come amid a recent rally in the broader cryptocurrency market.
Polkadot will follow Ethereum’s upward trend
Analyzing recent Tradingview data, the analyst says Polkadot is expected to show big moves soon, following in the footsteps of Ethereum’s bullish trend.
Gamza KhanzadaevThis implies the potential for Polkadot to benefit from the growing Ethereum ecosystem. It should be noted that Polkadot and Ethereum are complementary platforms and as such, have common investors. Therefore, a change in the price of one could affect the other.
The analyst says that Polkadot’s current valuation is extremely low compared to that of Ethereum. However, Van de Poppe believes that Polkadot price has room for substantial growth.
It anticipates substantial development within the Polkadot ecosystem. Essentially, this could involve new projects, functionalities, or even partnerships.
Surprisingly, Polkadot recently released a key update to its platform. The protocol, dubbed “Asynchronous Backing” in its most recent version, aims to optimize the way Relay Chain validates parachain blocks.
Comparing DOT’s parabolic move to Ethereum
At press time, DOT is trading at $6.36, showing a 4% increase in the last 24 hours. Trading volume increased by a staggering 28.7% to $233 million, with a market capitalization of $9 billion.
Mushumir’s buttFrom a technical perspective, DOT is showing a strong bullish reversal with this Awesome Oscillator (AO) divergence on the daily time frame. Accordingly, some analysts claim that DOT seems likely to retest the $7.8 resistance level.
Meanwhile, Ethereum price surged to over $3,400 on Thursday, recovering from short-term volatility in the cryptocurrency market. One market analyst claims that Ethereum’s recent movement is consistent with historical patterns and forecasts a target price of around $7,500 for the altcoin.
