According to a well-known crypto analyst and trader, the value of Polkadot (DOT) is currently far below what it should be, compared to Ethereum (ETH).
The analyst, Michaël van de Poppe, who is followed by 722,500 people on the social media platform X, suggests that Polkadot could be set to follow the upward trend of Ethereum. He believes that the current valuations of Polkadot are undervalued and expects significant growth in the Polkadot ecosystem across various segments.
Looking at his chart, the analyst indicates a possible bullish divergence for DOT on the three-day chart, where a lower low appears on the price chart but is contradicted by a higher low on a corresponding indicator.
At the time of writing, DOT is trading at $6.20, down almost 2% in the last 24 hours.
The analyst also predicts that Bitcoin (BTC) will likely consolidate around the lower $60,000 range in the near term. He expects altcoins to outperform Bitcoin during this period.
According to his chart, the trader suggests that Bitcoin will fluctuate around $60,000 and then return to around $64,000. Bitcoin is currently trading at $60,757, down 1.47% in the last 24 hours.
Finally, the analyst anticipates that the leading blockchain oracle service Chainlink (LINK) will rally against Bitcoin (LINK/BTC) in the near term as it bounces off a trading range low on the weekly chart.
LINK/BTC is trading at 0.0002308 BTC ($13.92) at the time of writing.
Please note that the opinions expressed in this article are not investment advice, and investors should conduct their own research before engaging in high-risk investments in Bitcoin, cryptocurrency, or digital assets. Any transfers and trades made are at the individual’s own risk, and any resulting losses are their responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is it an investment advisor.