Polkadot (DOT) went as high as $48 in the bull run but, like the market norms is, the cryptocurrency suffered from market corrections. The price tried to reach upwards but succumbed to bearish pressures and has been on a downward trend. At the time of publication, Polkadot stands at a price level of $32. In the 24-hour timeframe, the price of the cryptocurrency has increased by 10% while the trading volume has gone up by 50%.
Poladot (DOT) Price Prediction
The market sentiment for Polkadot is bearish. Out of the 26 technical indicators, ten stands at a sell position while ten are neutral and only six are giving out a buy indication. The oscillators are neutral while the moving averages are mainly bearish.
Trader Flytheus has set a price target of $45 for the cryptocurrency. The trader is suggesting a long position for the cryptocurrency and expects it to break the major resistance level of $42 Per the trader’s analysis, Polkadot has started to move upwards.
Polkadot is a good long-term investment as the project is believed to possess potential. Wallet Investor estimates the cryptocurrency will hit $110 in a year’s time while the 5-year forecast stands at $423. Digital Coin Price predicts Polkadot to have a price level of $57 by 2022 while by 2028 it is expected to reach $144. Long Forecast is not as bullish on the cryptocurrency and predicts a rise to $43 by the end of the year but subsequently, the marginal increments diminish and Polkadot is projected stable at $50.
What is Polkadot?
Polkadot is a multi-chain network designed to increase the interoperability of blockchains by allowing them to connect to Polkadot’s network. Polkadot allows different blockchains to interact as parachains on its blockchain as well as access the proof of stake validation and security of Polkadot. The project was designed by Ethereum co-founder Gavin Wood.