According to U.Today, Michael van de Poppe, a renowned crypto analyst, has forecasted a potential rise in the price of Polkadot's native token, DOT. This prediction comes in the wake of a recent surge in the broader cryptocurrency market. Van de Poppe suggests that Polkadot is likely to mirror Ethereum's upward trend, indicating significant movements in the near future.
Polkadot and Ethereum, being complementary platforms, share a common investor base. Therefore, a price fluctuation in one could potentially influence the other. The analyst points out that Polkadot's current valuation is significantly lower than Ethereum's, suggesting ample room for substantial growth. He anticipates considerable development within the Polkadot ecosystem, which could include new projects, functionalities, or partnerships.
Recently, Polkadot launched a key upgrade on its platform, named 'Asynchronous Backing'. This upgrade aims to enhance the validation of parachain blocks by the Relay Chain. At the time of reporting, DOT was trading at $6.36, marking a 4% increase in the past 24 hours. The trading volume rose by an impressive 28.7% to $233 million, with the market cap at $9 billion.
From a technical standpoint, DOT is showing a strong bullish reversal with the Awesome Oscillator (AO) divergence on the daily time frame. Some analysts believe that a revisit of the $7.8 resistance level seems plausible for DOT. Concurrently, Ethereum's price climbed to over $3,400 on Thursday, bouncing back from short-term volatility in the crypto market. A market analyst suggests that Ethereum's recent movement aligns with historical patterns and predicts a price target of approximately $7,500 for the altcoin.
