Polkadot (DOT) Latest Analysis

Polkadot (DOT) is currently ranked 18th and its fundamentals remain strong. Despite the recent price drop due to news related to artificial intelligence in Asia, this has not affected Polkadot's technical development and long-term potential. DOT has been in an accumulation range for more than 950 days, following a trend pattern similar to cryptocurrencies such as Cardano.

Currently, DOT is in a critical price range and recently hit the 0.78 Fibonacci retracement level. Despite a small drop, the downward momentum is gradually weakening, showing signs of weakness in the market. Since our first analysis, the market has only accepted 1 of the 3 buy orders.

My view

My prediction is that DOT has the potential to rebound upwards in the short term, with a target price of $11, which is more than 50% higher than the current price. In the next few months, if the market is positive, we can expect to see it heading towards $19.

Although DOT failed to break through the key resistance as strongly as AVAX or FIL, it also did not hit the lower limit of the range like Fetch.ai. Considering the current weak downward trend of the market, I think DOT has at least three times the growth potential in the upcoming bull market.

Conclusion

If you hold DOT, it is recommended to continue holding and be patient. Remember, buy low and sell high is the basic principle of investment. DOT is currently undervalued and the price is relatively cheap. When the price breaks through $19, you can consider selling and let other investors take over.

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