TradingView analyst Trade_lab called the altcoin one of the most promising and explained why its cost may exceed $ 100 in the near future
The opinions of experts may not coincide with the position of the editorial board. topplabs.org does not provide investment advice, the material is published for informational purposes only. Cryptocurrency is a volatile asset that can lead to financial losses.
Polkadot (DOT) is a protocol that allows different blockchains to work seamlessly together. The price of the cryptocurrency renewed its all-time high at around $ 55, the main informational event was the proposal to allow the registration of parachains and crowdloans, which was approved by the Polkadot council.
Fundamental drivers, combined with technical analysis, allow us to expect the continued growth of the DOT cryptocurrency. As a comparison, we can cite the example of the Solana token (SOL), the price of which almost quadrupled in a matter of days after updating the highs recorded in May this year.
A similar story can be repeated with the DOT cryptocurrency, the target for which we allocate a range of $ 100-114. Therefore, we consider this asset to be one of the most promising among altcoins. This idea is supported by the general attitude of cryptocurrency market participants in relation to altcoins, the capitalization of which tends to continue the upward trend. Meanwhile, the dominance of bitcoin, on the contrary, tends to decrease.
- Buying DOT at the current price;
- Stop loss – $ 40;
- Take profit – range $ 100-114.
Potential losses are about 23% of the investment amount at the current DOT rate of $ 52.