According to CryptoPotato, Polkadot's native cryptocurrency, DOT, has seen its price briefly surpass $7, with its market capitalization nearing the $10 billion mark. This suggests a potential market revival. Analysts predict that if DOT can overcome key resistance levels and benefit from recent protocol developments, it could rally to $20-$25 or $9-$13.
Michael van de Poppe, a known cryptocurrency analyst, believes that DOT is poised for future gains. He asserts that DOT has already 'bottomed,' especially since the introduction of the Join-Accumulate Machine (JAM) Gray Paper in April. The team behind Polkadot released this upgrade, which combines elements of Polkadot and Ethereum, providing a 'global singleton permissionless object environment.'
Another analyst, Block Diversity, envisions a bright future for DOT. They suggest that the token's valuation could surge to $9, $11, and eventually $13 once it clears the major resistance level of $6.90. DOT's price has hovered around this line for several hours, which has become a major roadblock on its upward trajectory.
Other crypto enthusiasts, including FLASH and Crypto Thanos, have also commented on DOT's potential. FLASH described DOT's previous price retreat as 'a textbook correction' that will eventually be replaced by a resurgence towards the $20 mark. Crypto Thanos argued that the token's descending parallel channel was about to break out. DOT's price has already overcome that level in the last 12 hours by climbing above $6.8, indicating a potential upward trend.
