Pentoshi: Polkadot (DOT) Looks Very Healthy – Has Room To Rally More
According to a prominent crypto analyst and trader, known as Pentoshi, smart contract platform Polkadot (DOT) is more than ready insane price hike as the highly anticipated parachain auctions’ launch approaches.
Parachain auctions are auctions that are held on the Polkadot relay chain to determine which blockchain will connect to the parachain slot, which is a custom blockchain that confirms transactional accuracy.
Pentoshi shared with his 338K followers Twitter followers that DOT’s recent price action looks very healthy as the parachain auctions launch approaches.
“Parachain auctions in 9 days and the chart looks like this
Probably going to go apesh** and [then] price discovery on USD pair
Pentoshi believes that the DOT’s rally will push it in the top 5 crypto assets by market cap, although it might not be able stay there.
Looking at the wider altcoin market, the analyst isn’t 100% convinced where it’s heading. He is prepared to get some discount buys in case there is another altcoin shakeout while Bitcoin (BTC) starts rallying and drawing capital away from the rest of the space.
Bitcoin (BTC)
Looking into Bitcoin, Pentoshi believes that recent consolidation might be ending soon and the largest crypto asset could be ready for a new rally.
“BTC any pullback towards 62.5k is a great bid zone to add.
Looks as tho consolidation could be over and ready to trend again.”
