Intently adopted crypto analyst Benjamin Cowen says Polkadot’s (DOT) subsequent leg up might have sufficient steam to take the sensible contract platform to recent all-time highs.
In a brand new technique session, Cowen says DOT is “very, very probably” in a reaccumulation section, forming the same sample to its worth motion in late 2020 proper earlier than it exploded from $3.00 or so to just about $50 in a matter of weeks.
“My hypothesis, doubtful as it could, is that this vary right here is simply easy reaccumulation which can inevitably take us to greater ranges. I might additionally speculate that the following transfer ought to be capable to get us over the $100 mark. I’m sincerely hoping it may well get us over the $200 mark as effectively and perhaps even past. Let’s simply take it one step at a time.”
With Polkadot’s present worth of $36.70, a transfer past $100 represents a possible upside of about 200%.
Cowen provides that he’s not anticipating a market cycle prime within the subsequent couple of months. As a substitute, he thinks the crypto markets nonetheless have loads of time to run and that Polkadot will play a big half in it.
“I do assume Polkadot is a superb undertaking, and I do assume it has a task to play on this cycle. Once more, I don’t assume this cycle is nearly over. I do know lots of people are calling for a cycle peak in a few months. I don’t assume that’s the case. I might be incorrect, and we’ll have to check out the market on the time, however I don’t assume the market cycle peak is coming in a few months. I believe we now have a methods to go, and I might say that Polkadot is without doubt one of the prime cash in my portfolio…
Now keep in mind, breakouts don’t should happen instantly. We will nonetheless be on this vary for weeks or months to return, however that’s not even the purpose. The purpose is that phases like this normally must be thought of alternatives and as soon as the breakout occurs, everybody seems again and needs they might’ve received in at a lower cost.”
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