Polkadot (DOT) price surged 7% in the past week.
Analysts are bullish on DOT, foreseeing upward potential akin to ETH.
The altcoin market has been grappling with a persistent bearish trend over the past month, hitting new recent lows. Among them, Polkadot’s native token DOT plummeted to a six-month low of $5.389 just five days ago. However, showing resilience, DOT swiftly recovered to $6.442 within three days, marking a 7% surge over the past week.
Currently, DOT is trading at $6.12, reflecting a 4% decline, with trading volume down by 42%. It remains 88% below its all-time high.
Despite recent challenges, analysts like Michael Van De Poppe are bullish on DOT, noting a potential upswing similar to Ethereum’s trajectory. Van De Poppe suggests that DOT’s current valuations are remarkably low and anticipates significant growth within the Polkadot ecosystem.
Can DOT Bulls Maintain Momentum?
Examining DOT’s trajectory, it currently maintains bullish momentum, with the 9-day EMA sitting at $6.126. The daily RSI stands at 47, indicating proximity to oversold conditions.
DOT Price Chart, Source;TradingView
For DOT bulls, maintaining momentum is crucial. The next major resistance levels to watch are at $6.7, with potential further targets at $7.2 if the upward trend persists.
Conversely, if bearish sentiment prevails, DOT could retreat to support levels around $5.7 or potentially as low as $5.4.