In a recent revelation, Market Mobster, a well-known cryptocurrency analyst, has discovered the correlation between the current performance of Polkadot (DOT) and Ethereum’s (ETH) historical trajectory from 2018. In a recent X post, Market Mobster shared his insights and revealed that DOT’s current journey is similar to the previous crucial performance of ETH. This finding is significant and could have important implications for investors.
$DOT is giving me $ETH 2018 vibes. $ETH went down 94% in that cycle. $DOT is currently down 92%.
— Market Mobster (@MarketMobsterUK) October 9, 2023
What if $DOT does a 3x it's all-time high like $ETH? pic.twitter.com/4zQJm3YJn9
According to analysts, in the 2018 cycle, Ethereum experienced a drastic nosedive of 94% from its peak, causing investors considerable unease. DOT mirrors this trend, significantly declining 92% from its highest point. This striking similarity prompts reflections on the possible course of DOT in the coming period.
Mobster puts forth an intriguing hypothetical scenario, speculating the possibility of DOT achieving a 3x surge from its previous all-time high, mirroring the remarkable feat accomplished by Ethereum. Such an upswing would herald a monumental shift in DOT’s market dynamics, eliciting keen interest from investors and enthusiasts alike.
Polkadot (DOT) has been enduring a stealthy descent in price throughout the year, marked by a series of lower highs and lower lows while struggling to breach the confines of a descending trendline. Amidst the ongoing cryptocurrency market turmoil led by altcoins, DOT may be coiling up for a potential recovery rally.
DOT has significantly declined over the past few days from a three-day supply zone between $4.335 and $4.631. This sharp decrease caused DOT to drop down to $3.756. As of writing, DOT is trading at $3.86 and showing a marginal decline of 3.75% in the last 24 hours. DOT is at a crossroads where it is uncertain whether it will continue to move downwards or potentially rebound towards the $5.000 level.
According to the Relative Strength Index (RSI), the odds currently favor a decline in DOT’s price. The RSI has dropped below 30, indicating that DOT is oversold. An RSI reading below 30 is usually considered oversold and may indicate a potential rebound, which could mean a pullback or correction is likely to occur.
A resolute 3-day candlestick close above the order block’s midline at $4.500 could dismantle the bearish thesis. This would open the door to an advance towards the $5.000 psychological milestone, marking the conversion of the supply zone into a bullish breaker. Such a move would signify a 30% ascent from current levels, potentially reshaping DOT’s trajectory.
