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Polkadot's Potential Rise Amid Market Correction

12/06 00:03

According to CryptoPotato, Polkadot (DOT) is currently trading at approximately $6.37 during a market correction. Analysts predict a potential increase if it surpasses key resistance zones. The Relative Strength Index (RSI) suggests the asset might be on the verge of an upward trend, as current levels indicate it is not overbought. Polkadot's DOT is another cryptocurrency significantly impacted by the ongoing market correction. It represents a 2% decline on a daily scale and 14% on a two-week basis. Analyst Yakuza discussed the asset's downtrend, stating that last week's volatility indicated DOT's bullish mode. However, he argued that 'the party isn't over yet.' Yakuza identified a crucial resistance level of approximately $7.90, which, if overcome, could lead to a substantial rise above $13. Block Diversity, another analyst, revealed their investment in the DOT ecosystem. They initially invested when the asset was worth $4.90 and increased their exposure when the asset reached $7.50 and subsequently dipped to $6.20. They plan to hold onto their investment for the long term. Michael van de Poppe, another analyst, predicted a DOT rally if the asset crosses the $9.30 mark, potentially reaching as high as $17. Crypto Thanos suggested that the range between $6 and $7.50 is part of DOT's accumulation phase. They have high expectations for the token based on certain fundamentals such as the 'supersession of the old model of parachain auctions,' 'radical change in the use,' and reduction of inflation via the burning of fees. The Relative Strength Index (RSI), a major on-chain indicator, signals that DOT's value might be set for an increase. This momentum oscillator helps determine whether the coin is overbought or oversold, thus indicating potential reversal points. Data shows that the RSI has been below 70 since May 22, currently positioned at 32, suggesting a price correction could be imminent.

Bullish

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