According to respected crypto analyst Michaël van de Poppe, Bitcoin’s recent strength has contributed to Polkadot (DOT) reaching a cycle low on its Bitcoin valuation. This potentially signals an impending rotation and resurgence for DOT.
Van de Poppe, who has announced his intention to add DOT to his personal portfolio, cites the project’s fundamental progress as a key factor driving his bullish sentiment.
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Adding to the positive outlook, the cryptocurrency price prediction platform CoinCodex has forecast that DOT could hit an impressive $27 by May 2024. The analysts also speculate that DOT will hit a monthly high of $15, which is almost double its current price.
How will Polkadot perform in April?
Changelly, a prominent cryptocurrency exchange platform, provides analysis that further supports the bullish sentiment surrounding DOT. Changelly’s experts predict an average DOT rate of $9.73 for April 2024, with a potential minimum price of $9.37 and a maximum price of $10.08.
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According to CoinGecko data, DOT is trading at $8.39 with no major movements in the last 24 hours. However, the monthly outlook shows that DOT is down by 25% in the last 30 days. Compared to other prominent altcoins, DOT has only exhibited a 34% surge in the last year.
Nevertheless, DOT is still down by 85% from its all-time high of $54.98 on November 4, 2021. Changelly experts also predict that DOT will reclaim that level by December 2028.
These forecasts are particularly noteworthy, given Polkadot’s recent achievements and roadmap. The project has made significant strides in its efforts to establish a decentralized, scalable, and interoperable ecosystem for blockchain applications.
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