Trader Michael van de Poppe claims that one of the largest cryptocurrencies in terms of capitalization may rise in price by 150% already in the current upward cycle
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Trader Michael van de Poppe is confident that in the near future the Polkadot rate will exceed $ 100 (an increase of 150% from current levels). According to the analyst, more than a twofold rise in the price of altcoin will occur in the current bull cycle, if the token manages to stay above the support level around $ 38 and push off from it for further growth.
The trader claims that the resistance levels for the Polkadot are located at $ 75 and $ 115. Van de Poppe considers these levels to be potential targets for an altcoin.
Over the past week, Polkadot is up nearly 20% after developers announced their readiness to roll out parachain auctions on the altcoin network. On October 15, the token is traded at $ 40, and its capitalization is $ 41.5 billion. Polkadot ranks eighth in the list of the largest cryptocurrencies by capitalization, according to CoinGecko.
Polkadot is an internal token of the project of the same name, which aims to create the decentralized Internet of the future (Web 3.0). It is interoperable with other blockchains and allows the creation of smart contracts and new blockchains.