Polkadot (DOT) is gaining positive momentum and could be poised for a significant price surge, according to crypto analysts.
Michaël van de Poppe, an expert in the field, has identified encouraging market dynamics for Polkadot, suggesting a potential upward trajectory in the next few days or weeks.
Polkadot Analyst Insights: Promising Momentum
Polkadot on the USDT pair showed a regular pattern of higher highs and lower lows, according to Van de Poppe, suggesting an increase in bullish momentum. He also pointed out that Polkadot’s Bitcoin pair is still around a cycle low, indicating a possible trend reversal. Van de Poppe theorised that Polkadot might be returning to its peak in the upcoming months based on these facts.
#Polkadot is starting to gain positive momentum, as it’s making higher highs and lower lows on the USDT pair.
The BTC pair is still at the cycle low, indicating a likely upward run on the horizon.
Perhaps $DOT can run towards an all-time high in the coming months. pic.twitter.com/dewBRJO9dO
— Michaël van de Poppe (@CryptoMichNL) March 17, 2024
At the time of writing, Polkadot’s price stands at $9.26, with a 24-hour trading volume of $1.24 billion and a market capitalization of a little over $9 billion.
DOT price up in the last 24 hours. Source: Coingecko
Cryptocurrency experts have been closely monitoring Polkadot’s price fluctuations since the beginning of 2023. Drawing insights from historical data and market trends, these analysts anticipate an average DOT rate of $13.70 by March 2024.
Total crypto market cap. Chart: TradingView
However, they acknowledge a range of potential outcomes, with minimum and maximum price estimates standing at $10 and $17, respectively.
Starting today @Polkadot @kusamanetwork and 6 top #parachains are now live on Dune!
Our mission is to make crypto data accessible, and we’re thrilled to help the #Polkadot ecosystem in partnership with @colorfulnotion ⚡
Start your data journey👇 https://t.co/mMs4iO9w96
— Dune (@DuneAnalytics) March 19, 2024
Blockchain Data Accessibility Revolutionized
Meanwhile, in a move that promises to revolutionize crypto data analysis for Polkadot and Kusama, Dune Analytics has announced a groundbreaking partnership with Colorful Notion. This collaboration marks a significant leap forward in accessibility, bringing a wealth of on-chain data from these blockchains to the fingertips of Dune users for the very first time.
Previously, analyzing on-chain activity within the Polkadot and Kusama ecosystems presented a challenge. However, this partnership empowers users with the ability to examine a rich pool of data, including decoded Substrate block data tables, extrinsics, calls, events, and transfers.
This integration signifies a crucial step towards demystifying the complexities of blockchain data within the Polkadot ecosystem. By making this information readily accessible and fostering user-friendly analysis tools, the partnership between Dune Analytics and Colorful Notion holds immense potential for developers, researchers, and anyone with a vested interest in understanding the health and activity of the Polkadot network.
Featured image from Pexels, chart from TradingView