Crypto analyst Patel shares his view on Polkadot's current position as it sits at a critical support level. Let's explore potential scenarios and price targets.
Current Support Analysis
Crypto Patel notes that the DOT price is trading around a strong support zone between $3.80 and $3.60. If the price holds this level, upward movement is possible. However, Patel warns of potential drops below support to liquidate high-leverage positions before recovery.
Buying Strategy
For those interested in accumulating DOT, Patel suggests a cautious strategy. He recommends considering small entries at current levels, and placing buy orders from $2.50 to $2.00 for long-term gains. This strategy accounts for both the current support and potential deeper dips.
Altseason and Price Targets
Looking ahead to broader market trends, Patel anticipates DOT could reach $40 to $50 in the next altseason. If the price remains above $3.60, it may signal a bullish move, while a drop below might indicate a decline to $2.50 to $2.00.
Polkadot's position at a key support level can significantly influence its long-term prospects. Caution and strategic planning are crucial for investors.
