Pentoshi, a popular crypto trader and analyst notes how smart contract platform Polkadot (DOT) is ready for more rallies. Then, indicates much anticipation around parachain auctions approach.
Furthermore, Parachain auctions means users bidding on crypto assets. Then, check which network will receive a parachain slot, a custom blockchain that confirms transactional accuracy.
Additionally, Pentoshi has an audience of aboutv338,000 Twitter followers. So, he goes on to say how DOT’s recent price action means a healthy move just before the parachain auctions.
Then, Pentoshi explains.
“Parachain auctions in 9 days and the chart looks like this,…”
“Probably going to go apesh** and [then] price discovery on USD pair”
“Focus for next week for me.”
So, Pentoshi continues to make predictions on how DOT will finish up among top 5 crypto assets by market cap.
Notably, Pentoshi is not fully bullish on the entire altcoin market.
Notwithstanding, He note he’ll be buying some altcoins at a discount, as he anticipates another decline. Especially, as Bitcoin (BTC) starts rallying and takes capital away from the rest of the space.
So, Pentoshi explains better.
“I’ve put some stink bids in at -20 [to] -30% on alts…”
“It’s been a while since we’ve had a pullback worth noting…”
“Not sure if the free ride continues but traditionally in strong trends we get…”
“volatility and shakeouts and haven’t had one since [$40,000 BTC].”
Lastly, while talking of Bitcoin, Pentoshi notes its recent sideways price action is concluding. So, it gears up for another 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.”
So, Pentoshi concludes.
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