$DOT, the native token of Polkadot (a well-known protocol connecting blockchains), has recently made a crucial development. As per the reports, the digital coin has entered a critical support zone where it goes through accumulation by DOT investors. At present, the token is going through bearish trends. It has reportedly seen a fifty percent slump from the local high spot of $12.
$DOT reaching the crucial area of support and the area for accumulation.Given the upcoming RWA narrative and the large number of projects within the Polkadot ecosystem, this one is going to be a great mover in the coming years. pic.twitter.com/2ssYuzGJtZ
— Michaël van de Poppe (@CryptoMichNL) June 15, 2024
$DOT Enters a Crucial Support Zone for Accumulation
The market onlookers, DOT is establishing a falling wedge. With this development, the crypto token is potentially moving toward a breakout. Keeping that in view, the experts express optimism about the future progress of the token. According to the analysts, if the token effectively experiences a breakout, it has the chance to reach $10. Hence, the current scenario offers a significant opportunity to the $DOT investors.
According to the reports, the crypto token has been creating a falling wedge for the past twelve hours. This will potentially pave the way for a huge price upsurge. As a result of the respective development, the DOT coin may go through a 20-25% price increase. Hence, the market experts have doubled down on the token’s upcoming price movements.
This May Lead to a Significant Rise in the Upcoming Years
The current position of the relative strength index shows a downward movement. Additionally, the RSI’s 14-day simple moving average indicates the respective bearish momentum. The RSI has recently been moving near the oversold zone. Nonetheless, in the long run, analysts predict a remarkable rise of the DOT token in the next years.