Popular crypto analyst Benjamin Cowen, with the emergence of 2022 predictions, workable blockchain Polkadot (DOT) set some realistic expectations for
Speaking at a recent strategy session, Cowen took a close look at Polkadot on the Ethereum pair (DOT/ETH) to gauge its strength as an altcoin.
According to Cowen, DOT is going up and down, at least against Ethereum, unlike many altcoins that are slowly bleeding out.
“Of course, what we need to look at and watch closely is the DOT/ETH valuation. Now, the key test of a good altcoin is that it’s an oscillator, on a macro scale, at least against Ethereum. If it can’t swing against Ethereum, then what’s the point? You take more risk for less reward. So there’s still hope here that DOT could actually be an oscillator against ETH, but it’s too early to say yet.”
The analyst also thinks that while DOT’s price performance may not be as “rememberable” as it showed in early 2021, the interoperability chain will eventually form a bullish structure in the long run. Cowen noted that all-time highs could realistically be broken in the first or second quarter of next year.
“Yes, DOT has been around for the past few months, we can see it hasn’t performed as well as other Tier-1s. However, when we look at the overall picture, the macro scale, we continue to see more ‘high lows’. This is real, up to the $50-60 range, it seems like a slow uptrend is taking place.
I mean, even if Bitcoin stays relatively bullish, it may take some time, which I hope so. It will take some time for DOT to return to these levels. We may be targeting the first quarter or second quarter of 2022…
Hopefully DOT remains in an uptrend and we may see it hit all-time highs as we enter 2022.”
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