The cryptocurrency market has been stagnating over the last couple of days. Bitcoin (BTC) seems to be consolidating at around $69,000, while the global crypto market cap stands at $2.7 trillion. Polkadot (DOT), on the other hand, has faced a significant correction in the last few days. The asset has dipped by 1.9% in the daily charts, 5.3% in the weekly charts, 7.7% in the 14-day charts, and 1.1% over the previous month.
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Polkadot (DOT) began the year on a high note, rallying to as high as $11.46 in March. DOT’s rally earlier this year was likely due to Bitcoin (BTC) hitting an all-time high of $73,737. BTC’s surge, meanwhile, was fuelled by the US SEC’s (Securities and Exchange Commission) approval of 11 spot BTC ETFs (Exchange Traded Funds). However, prices did not hold, as DOL has since fallen by 38.8%.
Polkadot (DOT) price prediction for early June 2024
According to CoinCodex, DOT will rally throughout the month of June. The platform predicts DOT to surge to $9.12 on June 9, 2024, a rise of about 30.1%. Moreover, the platform anticipates DOT to hit $20.43 on June 30, 2024. Reaching $20.43 from current levels would translate to a growth of about 191.4%.
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Changelly also anticipates Polkadot (DOT) to rally over the next few days. The platform anticipates DOT to hit $10.60 on June 10, 2024. Reaching $10.60 from current levels would translate to a rise of about 51.21%.
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However, there is also a possibility that the crypto market will consolidate around current levels. DOT’s rally will most likely rely on the larger market sentiment, and also on BTC’s performance.
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