Polkadot Price Prediction: Will DOT be Worth in 2021?

Polkadot Price Prediction: Will DOT be Worth in 2021?
  • Polkadot is an open-source sharding multichain protocol platform. 
  • Bullish DOT price prediction ranges from $41.034 to $55.58
  • DOT might show excellent market performance this 2021 reaching new ATH.

This Polkadot Price Prediction 2021 article is based on technical analysis alone. In this article, you can see the key measures that were taken into consideration upon coming up with our DOT price analysis and prediction.

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

Even more, the Polkadot protocol connects public and private chains, permissionless networks, oracles and future technologies. More so, allowing these independent blockchains to trustlessly share data and transactions through the Polkadot relay chain.

Polkadot’s native DOT token provides three clear purposes: giving network governance and operations, and developing parachains by bonding.

DOT Current Price

According to CoinGecko, the DOT  price is $33.42 with a 24-hour trading volume of $1.97 billion at the time of writing. 

DOT  has a current circulating supply of 975 billion. Currently, the top crypto trading platforms for DOT are Binance, Huobi Global, HBTC, OKEx and Binance.KR.

Now, let’s proceed to the next part of this DOT price forecast for 2021.

DOT Price Analysis 2021

As shown below in this DOT price prediction chart, in a smaller time frame, DOT has shown a Symmetrical Triangle Pattern. The pattern shows a period of consolidation, which might soon make a price breakout or breakdown. 

A breakdown from the lower trendline shows the start of a new bearish trend, however a breakout from the upper trendline marks the start of a new bullish trend.

DOT/USDT chart showing Symmetrical Triangle Pattern (Source: TradingView)

As shown above, at the beginning of 2021, DOT turned from its bear to bull trend. This shows a high trade volume happened in that period. 

The Relative Strength Index (RSI) is below 70. This indicates the RSI is in an oversold state and may trigger a price reversal at any given time. 

Therefore, traders must trade properly and must not be affected by the market hype. With this in mind, traders can be cautious and move away from unexpected losses due to the crypto market’s wild movements.

DOT Price Prediction 2021

Let us also look through the Simple Moving Average (SMA) and the Exponential Moving Average (EMA).

DOT/USDT Price Chart With 30-day SMA and 50-day EMA (Source: TradingView)
  • Resistance Level 1 – $41.034
  • Resistance Level 2 – $48.393
  • Next Resistance Level – $55.58
  • Support Level 1 – $31.752
  • Support Level 2 – $27.069

Since the start of 2021, DOT’s price has seen many bullish moves. The above chart shows the impressive performance of DOT in the last few days. DOT is showing a bullish trend. However, if the trend continues, DOT will run along with the bulls, overtaking its $48.393 resistance level and climb higher to $55.58.

If the bullish trend continues, the DOT can surge over it’s all-time high (ATH) price of $42.06. In contrast, if the investors move against the cryptocurrency, the bears might take over. More so, the DOT price might plummet to almost $27.069, a bearish signal.

Disclaimer: The opinion expressed in this chart solely the authors. It is not interpreted as investment advice.

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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.