Crypto analyst David sees over 50 percent upside potential in DOT. The analyst nicknamed Altcoin Sherpa predicts a boom for the original meme coin.
DOT price prediction: Altcoin broke long-term resistance, what’s next?
Polkadot (DOT) price rebounded from the 0.5-0.618 Fibonacci retracement support ($5.9-6.6) of the previous rally during the week of January 22-28, 2024 (green arrows). This created a higher low, indicating that the decline from the long-term resistance zone at $9.5 was merely a correction within the uptrend. Indeed, the altcoin price has risen since then. Thus, it broke above the $9.5 resistance zone last week. The breakout occurred with a large bullish candlestick and high trading volume. This confirmed the validity of the break.
This week, DOT price is confirming the $9.5 level as support. The weekly RSI (Relative Strength Index) has entered the overbought zone and is trending upward. This shows that the bulls are in control of the market. Therefore, it is possible that DOT price successfully reverses the $9.5 zone into support and rises to the next long-term resistance zone at $16. This means an increase of approximately 55% from its current price.
The most likely expectations indicate that the DOT price will continue to rise in the near future. The potential target for this move is $16. However, a correction to $9.7 is possible before resuming its upward trajectory.
DOGE price prediction: Meme coin has the potential to 6X!
The analyst, nicknamed Altcoin Sherpa, says that DOGE can reach the $1 level with the help of billionaire Elon Musk, one of the meme coin’s biggest cheerleaders. cryptokoin.comAs you follow from , Elon Musk has sent DOGE to the moon many times. Dogecoin fans believe that Musk will one day integrate DOGE into X as a payment function. Showing public support for DOGE coincided with major rallies. However, the analyst warns that the timing of his forecast is uncertain and could take months. In this context, Altcoin Sherpa says:
DOGE: some random notes on this:
- I think it would do something stupid, like go above $1. He has a lot of firepower with Elon and is still the king meme.
- When does this happen? I have no idea. It could happen now, or it could happen in six months.
- Considering the market cap, it will not provide the same return as 2021.
- I think this is a *relatively* safe operation (IMO). I think this has a pretty good chance of making a few x’s. Will there be a better risk/reward ratio than missing other things like SOL? I don’t know. Go as far down the risk curve as you want.
The analyst is also watching closely to see if DOGE can turn two important resistance levels into support. These levels are $0.20 and $0.35 respectively. According to the analyst, this will help confirm the bullish stance. In this context, the analyst said, “I think the chart is great. It fell for 650 days and then exploded. $0.20 and $0.35 are the next interesting areas.” says.
The opinions and predictions in the article belong to the analysts and are definitely not investment advice. We strongly recommend that you do your own research before investing.
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