Analyst Capo, who has a wide following in the cryptocurrency markets and is known for his successful predictions, pointed out a possible upward rally of Polkadot (DOT). Analyzing Polkadot’s price chart, Capo predicts that if DOT manages to stay above a key key support level at $6, the altcoin price could skyrocket as much as 121% from its current levels.
According to Capo’s assessment, Polkadot’s current situation is quite decisive. After reaching recent resistance levels, the altcoin is currently at a major support level again. If this support level holds solidly, Capo says Polkadot could see a move from $10 to $11, and if this level is broken, a rise to $15 to $17. waiting.
“After being rejected from resistance, it is now back in major support. “If this support is maintained we should see a move towards the same resistance ($10 to $11) and if this level is broken it should reach $15 to $17.”
Polkadot is trading at $6.77 at the time of writing.
On the other hand, these evaluations about Polkadot’s upward potential are not based solely on technical analysis. At the same time, Polkadot’s unique ecosystem and the progress of the project also support these optimistic predictions.
“Some strong foundations for Polkadot:
– Polkadot2.0
– Parachains
– Polkadot games (porting Legendary Games)
– AI (artificial intelligence) integrations like Phala Network (PHA).”
Polkadot 2.0 refers to the significant changes the network brings to improve functionality and efficiency. Phala Network (PHA) is an AI coprocessor for blockchains. Meanwhile, web3 game developer Mythical Games announced its plans to switch from Ethereum to Polkadot months ago.
Finally sharing his prediction for the Bitcoin price, Capo says that the leading crypto asset is in an “interesting support zone” that could form the basis for an upward move.
“There is strong demand between $59,000 and $61,000 and indicators are mostly bullish, so a bounce is likely. “If BTC breaks the $65,000 resistance, I would expect $68,000 to $69,000 as the first target and $74,000 to $75,000 as the second target.”
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