Polkadot (DOT) Price Prediction 2023 – Will DOT Hit $10 Soon?

• Bullish DOT price prediction for 2023 is $5.302 to $10.823.
• The DOT price will also reach $10 soon.
• Bearish DOT price prediction for 2023 is $4.187.

In Polkadot (DOT) price prediction 2023, we use statistics, price patterns, RSI, RVOL, and other information about DOT to analyze the future movement of the cryptocurrency.

Polkadot (DOT) Current Market Status

What is Polkadot (DOT)?

Polkadot (DOT) is the native cryptocurrency of the Polkadot ecosystem. Polkadot is a multi-chain blockchain ecosystem home to a network of interoperable sharded blockchains, parachains. The token, DOT,  was launched in August 2020. 

DOT is primarly used as network fees, and grants governance rights to the holders. Furhtermore, Polkadot ecosystem comprises of a core network, relay chain and several parachains. The blockchain utilizes the nominated proof-of-stake (NPoS) consensus to secure the transactions of the blockchain.

Polkadot (DOT) Price Prediction 2023

Polkadot (DOT) holds the 15th position on CoinGecko right now. DOT price prediction 2023 is explained below with a daily time frame.

The above chart of Polkadot (DOT)) laid out the Horizontal channel pattern. Horizontal channel  also known as the sideways trend. In general, the horizontal channel is formed during the price consolidation. In this pattern, the upper trendline, the line which connects the highs, and the lower trendline, line which connects the lows, run horizontally parallel and the price action is contained within it. A horizontal channel is often regarded as one of the suitable patterns for timing the market as the buying and selling points are in consolidation.

Currently, Polkadot (DOT) is at $6.05. If the pattern continues, the price of DOT might reach the resistance level of $6.080 and $8.709. If the trend reverses, then the price of DOT may fall to $5.088, & $4.262.

Polkadot (DOT) Support and Resistance Levels

The chart below shows the support and resistance levels of Polkadot (DOT).

From the above daily time frame, we can clearly interpret the following as the resistance and support levels of Polkadot (DOT).

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 $10.823.

Accordingly, if the investors turn against the crypto, the price of the DOT might plummet to almost $4.187, a bearish signal.

Polkadot (DOT) Price Prediction 2023 — RVOL, MA, and RSI

The Relative Volume (RVOL) of Polkadot (DOT) is 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, the RVOL of DOT lies below the cutoff line, indicating weak participants in the current trend.

Moreover, the Moving Average (MA) of Polkadot (DOT) is shown in the above chart. Notably, the DOT price lies above 50 MA (short-term), so it is completely in a upward trend. Currently, DOT is in a bullish state. There is a possibility of a reversal trend of DOT at any time.

Meanwhile, the relative strength index (RSI) of the DOT is at a level of 71.33. This means that DOT is in an oversold state. However, this gives confidence to the traders to trade without any fear.

Polkadot (DOT) Price Prediction 2023 — ADX, RVI

Let us now look Average Directional Index (ADX) of Polkadot (DOT). It helps to measure the overall strength of the trend. The indicator is the average of the expanding price range values. This system attempts to measure the strength of price movement in the positive and negative directions using DMI indicators with ADX.

The above chart represents the ADX of Polkadot (DOT). Currently, DOT lies in the range of 36.365, indicating a strong trend. 

From the above chart, the Relative Volatility Index (RVI) of Polkadot (DOT). RVI measures the constant deviation of price changes over a period of time. The RVI of DOT lies above 50, indicating high volatility. In fact, DOT’s RSI is at 71.33, thus confirming a potential buy signal.

Comparison of DOT with BTC, ETH

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

From the above chart, it can be interpreted that DOT moves in a similar trend with respect to BTC and ETH. When the price of BTC and ETH increase, the price of DOT increases. When the price of BTC and ETH decrease, the price of DOT decreases.

Polkadot (DOT) Price Prediction 2024-2030

Numerous factors are taken into account when forecasting prices including volume changes, price variations, market cycles, and similar coins. Let’s predict the price of Polkadot (DOT) between 2024 and 2030.

Polkadot (DOT) Price Prediction 2024

If the declining price action completely slows down in momentum and the trend reverses,  Polkadot (DOT) might probably attain $22 by 2024.

Polkadot (DOT) Price Prediction 2025

With several upgrades in the network, Polkadot (DOT) might enter a bullish trajectory. If the coin grabs the attention of major investors, DOT might rally to hit $30 by 2025. 

Polkadot (DOT) Price Prediction 2026

If Polkadot (DOT) sustains major resistance levels and continues to be recognized as a better investment option among investors for the next 3 years, DOT would rally to hit $43.  

Polkadot (DOT) Price Prediction 2027

If Polkadot (DOT) sustains major resistance levels and continues to be recognized as a better investment option among investors for the next 4 years, DOT would rally to hit $55. 

Polkadot (DOT) Price Prediction 2028

If Polkadot (DOT) sustains major resistance levels and continues to be recognized as a better investment option among investors for the next 5 years, DOT would rally to hit $68. 

Polkadot (DOT) Price Prediction 2029

If Polkadot (DOT) holds up a strong stance as a better investment option for the next 6 years, it might witness significant price rallies. Thus, by 2029, DOT would hit $70.

Polkadot (DOT) Price Prediction 2030

If investors flock in and continue to place their bets on Polkadot (DOT), it would witness major spikes. DOT might hit $85 by 2030.

Conclusion

With continuous improvements in the Polkadot  network, we can say that 2023 is a good year for DOT. For this reason, the bullish price prediction of Polkadot (DOT) in 2023 is $10.823. On the other hand, the bearish price prediction of Polkadot (DOT) for 2023 is $4.187.

Furthermore, with the advancements and upgrades in the Polkadot  Network, the performance of Polkadot (DOT) might hit $10 gaining investors’ attention. It would also rise above its all-time high (ATH) of $54.98 in the near future.

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