Polkadot Price Prediction – Will DOT Hit $80 Soon?

Polkadot Price Prediction — Will DOT Hit $80 Soon?
  • Bullish DOT price prediction is $48.16 to $78.47.
  • DOT price might also reach $80 soon.
  • DOT bearish market price prediction for 2022 is $10.4.

In Polkadot (DOT) price prediction 2022, we use statistics, price patterns, RSI, RVOL, and much other information about DOT to analyze the future movement of the cryptocurrency. 

A proposed feature known as layered relay chains, which would allow Polkadot to grow even higher in the future, would enable the network to accommodate an increase in the number of shards that may add to it.

The protocol was invented by Gavin Wood, a co-founder of Ethereum, and is now being researched by the Web3 Foundation, with the first application being provided by Parity Technologies.

Polkadot will be available on Coinbase’s crypto exchange platform starting in June 2021.

Polkadot’s inaugural token sale ended on October 27, 2017, with a total of 485,331 ETH raised from participants (Ether, the currency of the Ethereum blockchain).

The Planck divide, named after scientist Max Planck, is the lowest subdivision (which is accurate to 10 decimal places).

Given the fact that Polkadot brings together the most excellent features from several specialized blockchains, it lays the groundwork for the rise of new decentralized markets, which will give fairer methods to access the service through several apps and providers.

While blockchains have shown great promise in a variety of fields, including the Internet of Things (IoT), finance, governance, access control, web decentralization, and asset tracking, to mention a few, appropriate for this research in previous systems have significantly slowed the adoption of technology on a large scale.

DOT Current Market Status

According to coingecko, the price of DOT is $30.76 with a 24-hour trading volume of $1,028,916,991 at the time of writing. However, DOT has increased to 7.9% in the last 24 hours.

Moreover, DOT has a circulating supply of 1,068,349,444 DOT. Currently, DOT trades in cryptocurrency exchanges such as Binance, OKEx, CoinFLEX, CoinTiger, and Huobi Global.

What is Polkadot (DOT)?

A sharded heterogeneous multi-chain architecture, Polkadot allows external communication with customized layer one “parachains,” resulting in a network of interconnected blockchains that can be accessed via a web browser or mobile device. The network makes use of a proof-of-stake consensus algorithm that is favourable to the environment.

A next-generation blockchain procedure, Polkadot connects an entire system of purpose-built blockchains, allowing employees to work seamlessly together and at scale. The fact that Polkadot enables any information to be sent at all between the blockchain means allowing it to be applied to an incredible range of actual use scenarios.

Polkadot is a sharded blockchain, which means that it connects several chains in a single system, allowing them to conduct transactions in parallel and exchange data among chains while maintaining high levels of privacy and security.

Polkadot is a program that runs on its blockchain, which is currently under development. The Polkadot blockchain technology allows for the attachment of other blockchains, which allows for the transfer of data among blockchain systems and the exchange of tokens.

Since the system can handle multiple transactions simultaneously thanks to the innovative technology, it is incredibly scalable.

This programme is top-rated right now. It is one of the primary reasons many users and shareholders believe that the supply for the service transaction will continue to grow and that the value of the cryptocurrency will rise in the future.

When compared with existing and legacy channels, Polka Dots design provides several significant advantages, such as homogenous sharding, scalability, upgradeability, transparent governance, as well as cross-chain consistency.

Factors Influencing Polkadot (DOT) Price

Economic conditions in various parts of the world are important factors that influence the value of any coin. During a crisis, it has been observed that the public’s confidence in fiat money decreases while the price of cryptocurrency increases.

Another essential consideration is government regulation when countries with substantial economic effects ban or place restrictions on cryptocurrency, the value of all cryptocurrencies plummets simultaneously.

Including the general factors, there are a number of the more individual aspects that have a positive effect on the coin price, including:

• A team of developers with a lot of experience;

• An emphasis on addressing real-world issues (for example, the communication and information interactions between two blockchains);

• There is a high degree of decentralization;

• A high level of protection;

• Software code that is available as open-source.

PROS and CONS of Polkadot (DOT)

Polkadot Strengths:

• The Substrates modular platform from Parity Technologies allows developers to choose individual components that are most appropriate for their application-specific chain.

• Using Polkadot, developers can quickly establish chains and apps that rely on a standard security model, eliminating the need to worry about recruiting enough miners or verifiers to protect their chains.

• Polkadot’s para chains can link with external systems such as Bitcoin and Ethereum through the use of bridges.

• Polkadot has already generated about $200 million and has risen to a top 10 coins in market capitalization. It has also begun to interact with other networks, such as Chainlink.

Polkadot Weaknesses:

•  Polkadot competes with several other general-purpose, intelligent contracting, Proof of Stake blockchains, including Tezos, Cosmos, and Cardano, to name a few, with Ethereum already demonstrating engrained network effects.

•  Polkadot is a Proof of Stake cryptocurrency that supports smart contracts.

• Hackers have attacked code flaws twice, causing millions of dollars in losses before being discovered and shut down by authorities.

• A limited amount of parachains obtainable and slots have been sold through an auction process, which may make some relatively small use cases prohibitively expensive.

Analysts Views on DOT price prediction:

Even in the absence of significant increases, the DOT price is expected to continue to rise. It is anticipated that the DOT price will increase from 50 USD per coin at the beginning of the year to approximately 80 USD by the end of 2022. While some experts believe that the coin’s rise would be significantly faster and will reach the mark of 100 USD by 2022, they do not think this will be the case now.

Furthermore, a bullish trend is expected to continue indefinitely. Most optimistic investors predict that the bitcoin price will rise above 130 USD per coin by 2023 and that it will even cross the border into 150 USD per coin. Further growth is projected until the currency achieves a value of 240-250 USD for one DOT token in January 2024, which will be considered successful.

Less favourable experts predict that the coin’s value will rise, but not at the same rate as the more optimistic specialists. About such forecasts, the estimated value by the end of 2024 is 80-90 USD only.

Several professionals predict that the positive trend will continue until 2027. The coin’s value is expected to increase by around 10 USD per year. In 2027, a steep decline is projected.

If the estimates are accurate, this will have nothing to do with anything other than a negative correction to the market. In 2028, it is projected that the currency will regain its position quickly and rise in value. By the end of 2028, the money might be worth 170-180 USD per coin, on the verge of being valuable.

Other investors do not anticipate that the company’s expansion will be as rapid as it has been. By the end of 2024, the coin’s value will still have risen to about 80-90 USD, according to more gloomy (or more realistic) predictions. Just after adjustment in 2027, the value of a coin would decline to around 60 USD. In addition, gradual growth in the coin’s value will be noted until the price reaches the border of 70 USD by the end of 2029, at which point it will stabilize.

The value of the currency will continue to rise through 2030. The growth rate, on the other hand, is expected to decelerate. From 2030 to 2035, the currency’s value is predicted to increase by only 1-2 per cent.

Polkadot (DOT) Price Prediction 2022

Polkadot holds the 10th position on CoinGecko right now. DOT price prediction 2022 explained below with a weekly time frame.

DOT/USDT Ascending Channel Trend Pattern (Source: Tradingview)

An ascending channel is a pattern formed from two upward trend lines drawn above and below the price indicating the resistance and support levels. This is a bullish chart pattern defined by a trendline that supports the series of higher lows and a diagonal resistance level that connects the higher highs. 

Currently, DOT is at $28.70. If the pattern continues, the price of DOT might reach the resistance level to $55.50. If the trend reverses, then the price of DOT may fall to $10.4.

Polkadot (DOT) Support and Resistance Level

The below chart shows the support and resistance level of DOT.

DOT/USDT Support and Resistance Level (Source: TradingView)

From the above daily time frame, it is clear the following are the resistance and support levels of DOT.

  • Resistance Level 1 – $48.16
  • Resistance Level 2 – $78.47
  • Support Level 1 – $23.15
  • Support Level 2 – $12.21
  • Support Level 3 – $7.15

The charts show that DOT has performed a bullish trend over the past month. If this trend continues, DOT might run along with the bulls overtaking its resistance level at $78.47.

Accordingly, if the investors turn against the crypto, the price of the DOT might plummet to almost $7.15, a bearish signal.

Polkadot Price Prediction 2022 — RVOL, MA, and RSI

The Relative Volume (RVOL) of DOT shown in the below chart. It is an indicator of how the current trading volume has changed over a period of time from the previous volume for traders. Currently, RVOL of DOT is below the cutoff line, indicating weaker participants in the current trend.

DOT/USDT RVOL, MA, RSI (Source: TradingView)

More so, the DOT’s Moving Average (MA) shown in the chart above. Currently, DOT is in a bearish state. Notably, the DOT price lies below 50 MA (short-term), so it is completely in a downward trend. Therefore, there is a possibility of a reversal trend of DOT at any time.

Meanwhile, the relative strength index (RSI) of the DOT is at level 48.01. This means that DOT is in an nearly oversold state. However, this gives confidence for the traders to trade without any fear.

Polkadot Price Prediction 2022 — ADX, RVI

Let us now look at Polkadot’s Average Directional Index (ADX). It helps to measure the overall strength of the trend. The indicator is the average of the expanding price range values. ADX is a component of the Directional Movement System which was developed by Welles Wilder. This system attempts to measure the strength of price movement in the positive and negative directions using DMI indicators with ADX.

DOT/USDT ADX, RVI (Source: TradingView)

The above chart represents the ADX of Polkadot. Currently, DOT lies in the range at 29.22, so it indicates a strong trend. 

From the above chart, the Relative Volatility Index (RVI) of DOT. RVI measures the constant deviation of price changes over a period of time rather than price changes. The RVI of DOT is below the 50 level, indicating that the direction of volatility is low. In fact, DOT’s RSI is at the 48.01 level thus confirming a potential sell signal.

Comparison of DOT with BTC, ETH

The below chart shows the price comparison between Bitcoin, Ethereum and Polkadot.

BTC Vs ETH Vs DOT Price Comparison (Source: TradingView)

From the above chart, we can identify the trend of the DOT and BTC is moving at the downward trend. But, the recent trend of ETH moves in an upward direction.

Conclusion

With continuous improvements in the Polkadot network, we can say that 2022 is a good year for DOT. For this reason, the bullish price prediction of Polkadot in 2022 is $78.47. On the other hand,  the bearish DOT price prediction for 2022 is $10.4.

Furthermore, with the advancements and upgrades on the DOT ecosystem, the performance of DOT would rise reaching $55 very soon. But, it might also reach $80 if the investors believe that DOT is a good investment in 2022.

FAQ

What is Polkadot?

Polkadot is an open-source shared multichain protocol platform. Moreover, that facilitates the cross-chain transfer of any information. However, making a wide range of blockchains interoperable with one another.

Where can you purchase DOT?

DOT has listed on many crypto exchanges which include  Binance, OKEx, CoinFLEX, CoinTiger, and Huobi Global.

Will DOT reach a new ATH soon?

With the ongoing developments and upgrades within the DOT platform, it has a high possibility of reaching its ATH soon.

What is the current all-time high (ATH) of Polkadot?

On Nov 04, 2022, DOT reached its new all-time high (ATH) of $54.98.

Is DOT a good investment in 2022?

Polkadot (DOT) seems to be one of the top-gaining cryptocurrencies this year. According to the recorded achievements of DOT in the past few months, DOT is considered a good investment in 2022.

Can Polkadot (DOT) reach $80?

Polkadot (DOT) is one of the active crypto that continues to maintain its Bullish state. Eventually, if this bullish trend continues then Polkadot (DOT) will hit $80 soon.

What will be the DOT price by 2023?

Polkadot (DOT) price is expected to reach $120 by 2023.

What will be the DOT price by 2024?

Polkadot (DOT) price is expected to reach $180by 2024.

What will be the DOT price by 2025?

Polkadot (DOT) price is expected to reach $210 by 2026.

What will be the DOT price by 2026?

Polkadot (DOT) price is expected to reach $250 by 2026.

Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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Cryptocurrency and blockchain tech interest has enticed Carolyna to write for NewsCrypto. She made her personal mission to help non-crypto geeks to understand the technology with ease.