Polkadot Price Prediction – Will DOT Price Hit $50 Soon?

This Polkadot (DOT) Price Prediction 2021 article is based on technical analysis alone. Below, you will see the key metrics that we have taken into consideration upon coming up with our DOT price analysis and prediction.

Over the past few weeks, the crypto market seems to be making a fast recovery. After the dip in the past two months, the crypto market has either remained stable or was growing steadily. At the moment, it seems that the digital asset industry might finally be on the up and up again.

Will DOT experience the same price volatility? We’ll find out soon in this DOT price analysis 2021 article. But first, let’s have a look at what is Polkadot (DOT).

What is Polkadot (DOT)?

Polkadot (DOT) is at its peak lately in terms of developments. DOT is one of the top 10 cryptocurrencies on CoinGecko, with a market capitalization of almost $1.29 billion. Hence, this makes DOT one of the most potentially profitable crypto today.

Polkadot is an open-source sharding multichain protocol which facilitates the cross-chain transfer of any information or asset type. However, this makes a wide range of blockchains which are interoperable with one another. Moreover, interoperability seeks to develop a completely decentralized and private web, which is controlled by its users, and simplify the development of new applications, institutions, and services.

More so, the Polkadot protocol connects public and private chains, permissionless networks, oracles, and future technologies. However, enabling these independent blockchains to trustlessly share data and transactions through the Polkadot relay chain. Added to this, the Polkadot’s native DOT token offers three clear purposes: offering network governance and operations, and developing parachains by bonding. Now that we are clear about DOT do you think DOT will be beneficial crypto in 2021? Join me and let us see the charts in this DOT price analysis and DOT price prediction.

Polkadot (DOT) Current Market Status

As of the time of writing this Polkadot price analysis, DOT trades at $20.5 with a 24-hour trading volume of $1,302,493,155. The price of DOT has increased by 1.1% in the last 24 hours.

Currently, the top cryptocurrency exchanges for DOT are Binance, OKEx, FTX, Huobi Global, and Tokocrypto. Now, let’s go to the next part of this DOT technical analysis for 2021.

Polkadot (DOT) Price Analysis 2021

Currently, DOT holds the 9th place on CoinGecko. But will the latest upgrades, development, and changes in the DOT blockchain help the cryptocurrency price to reach higher? Let’s proceed to the charts in this DOT price prediction article.

In the chart above, which is set in a daily time frame, we can see the Ascending Channel Trend pattern. An ascending channel is the price action that takes place in an upward direction through a sloping parallel line. More so, the chart shows the Higher Highs and Higher Lows from this price pattern. Moreover, this pattern indicates a short-term bullish.

As shown above, at the beginning of this month, DOT turned from its bear to bull trend. This is the result of the high trade volume that occurs during that time.

The Relative Strength Index (RSI) is at 67.86, which means that DOT is in a nearly overbought state. With this traders need to stay cautious while trading, turning away from further losses.

Let us also look at the Simple Moving Average (SMA) and the Exponential Moving Average (EMA) of DOT

Since the start of 2021, DOT’s price has seen many bullish moves which are higher than the previous one. More so, these are followed by fluctuations, consolidation, and corrections right away. Taking this into consideration, DOT has a competitive market this 2021.

Polkadot (DOT) Price Prediction 2021

The chart below shows that DOT has performed great over the past few days. Moreover, the DOT price shows a bullish trend. If this trend continues, DOT might run along with the bulls, overtaking its $42.43 resistance level and move even higher to $50.

Conversely, if the investors turn against the crypto, the bears might take over and push DOT from its uptrend position. In simpler terms, the price of DOT might decrease to almost $16.94, a bearish signal.

Meanwhile, our long-term DOT price prediction 2021 is bullish. It has a high possibility of reaching new heights. However, that will only happen if it breaks many previous psychological resistances.

Polkadot (DOT) Price Prediction 2022

If this bullish trend continues, Polkadot will reach $125 by the end of 2022. Moreover, the first half of 2022 is going to show fast growth, up to $135. Then this rise will slow down, but no major falls are expected. With upcoming, partnership, and developments reaching $125 is quite optimistic in the price point of view but undoubtedly feasible for the near future.

Polkadot (DOT) Price Prediction 2023

If DOT holds the resistance level around 200-MA, the long term moving average, buyers will then have ample time and stability to forge the next attack mission on the vital level at $155, making it not plummet but play consistently.

Polkadot (DOT) Price Prediction 2024

As per the latest upgrades, developments, DOT price prediction, and new project forecasts of the platform, DOT investors could expect many partnerships and integrations around 2024. Moreover, this might boost the price of DOT in the crypto market, and it will be the best investment as the price can spike and reach around $175.

Polkadot (DOT) Price Prediction 2025

In the next four years, DOT prices could race up to $200. However, reaching this level could not be so difficult for DOT as additional medium, short-term, and long-term price targets could be found to purchase or sell orders. This indicates that DOT has a high possibility of reaching new ATH soon in the next five years as per the prediction.

Conclusion

Polkadot has a bright future ahead of it in 2021. With the ongoing developments happening within the DOT ecosystem, as well as in the overall crypto market, we may see DOT reach new heights.

Bullish DOT price prediction 2021 is $50. As said above, it may even reach its new ATH if investors have decided that DOT is a good investment in 2021, along with mainstream cryptocurrencies.

FAQ

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

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