Polkadot (DOT) Promises Huge Gains in the Upcoming Year

Polkadot (DOT) Promises Huge Gains in the Upcoming Year
  • The project has various features that improve its desirability for investors.
  • Traders should anticipate some stability around $31.

Polkadot(DOT) is a project on its own blockchain that enables any other blockchain to be ‘connected’ to it utilizing unique technical techniques. This permits data to be exchanged across multiple blockchains and coins.

When the project began, 10 million DOT were minted, but following a redenomination in August 2020 to make calculations simpler, the number of coins climbed to 1 billion. The creators have managed to execute the greatest portion of their objectives, albeit the platform continues under development.

Many experts believe it to be a revolutionary solution that might radically transform the blockchain business. Moreover, the project has various features that improve its desirability for investors.

Short-term Bearish Momentum Ahead

The resistance on the upside is at $31. Traders should anticipate some stability around $31, and the next challenge would be to soar past $33.85. However, in case of a further loss, the strong support zone is around $25, followed by $22.6.

The RSI is currently at 48, showing a neutral indication as with the technical analysis. However, even moving averages give a sell signal since 9 of 15 criteria recommend sell.

According to CoinMarketCap, the Polkadot price today is USD 29.19 with a 24-hour trading volume of USD 2,151,899,744. Polkadot has been down 7.74 percent in the past 24 hours. Having previously cleared $50, the next milestone to monitor for the Polkadot coin is $100. Forecasts estimated the DOT price might reach $100 in the year 2025. 

A diploma graduate who is passionate about digital currency and loves writing. He loves the concept of crypto and keeps himself up to date with the latest development and news of the crypto world.