In Polkadot (DOT) price prediction 2024, 2025-2030, e will analyze the price patterns of DOT by using accurate trader-friendly technical analysis indicators and predict 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, and parachains..
DOT is primarily used as network fees and grants governance rights to the holders. Furthermore, the Polkadot ecosystem comprises a core network, a relay chain, and several parachains. The blockchain utilizes the nominated proof-of-stake (NPoS) consensus to secure the transactions of the blockchain.
Polkadot 24H Technicals
(Source: TradingView)
Polkadot (DOT) Price Prediction 2024
Polkadot (DOT) ranks 14th on CoinMarketCap in terms of its market capitalization. The overview of the Polkadot price prediction for 2024 is explained below with a daily time frame.
In the above chart, Polkadot (DOT) laid out a descending channel pattern. Descending channel patterns are short-term bearish in that a stock moves lower within a descending channel, but they often form longer-term uptrends as continuation patterns. The descending channel pattern is often followed by higher prices. but only after an upside penetration of the upper trend line. A descending channel is drawn by connecting the lower highs and lower lows of a security’s price with parallel trendlines to show a downward trend.
At the time of analysis, the price of Polkadot (DOT) was recorded at $8.31. If the pattern trend continues, then the price of DOT might reach the resistance levels of $8.029, $9.618 and $12.935. If the trend reverses, then the price of DOT may fall to the support of $6.008.
Polkadot (DOT) Resistance and Support Levels
The chart given below elucidates the possible resistance and support levels of Polkadot (DOT) in 2024.
From the above chart, we can analyze and identify the following as the resistance and support levels of Polkadot (DOT) for 2024.
Polkadot (DOT) Price Prediction 2024 — RVOL, MA, and RSI
The technical analysis indicators such as Relative Volume (RVOL), Moving Average (MA), and Relative Strength Index (RSI) of Polkadot (DOT) are shown in the chart below.
From the readings on the chart above, we can make the following inferences regarding the current Polkadot (DOT) market in 2024.
Polkadot (DOT) Price Prediction 2024 — ADX, RVI
In the below chart, we analyze the strength and volatility of Polkadot (DOT) using the following technical analysis indicators — Average Directional Index (ADX) and Relative Volatility Index (RVI).
From the readings on the chart above, we can make the following inferences regarding the price momentum of Polkadot (DOT).
Comparison of DOT with BTC, ETH
Let us now compare the price movements of Polkadot (DOT) with that of Bitcoin (BTC), and Ethereum (ETH).
From the above chart, we can interpret that the price action of DOT is similar to that of BTC and ETH. That is, when the price of BTC and ETH increases or decreases, the price of DOT also increases or decreases respectively.
Polkadot (DOT) Price Prediction 2025, 2026 – 2030
With the help of the aforementioned technical analysis indicators and trend patterns, let us predict the price of Polkadot (DOT) between 2025, 2026, 2027, 2028, 2029 and 2030.
Conclusion
If Polkadot (DOT) establishes itself as a good investment in 2024, this year would be favorable to the cryptocurrency. In conclusion, the bullish Polkadot (DOT) price prediction for 2024 is $13.136. Comparatively, the bearish Polkadot (DOT) price prediction for 2024 is $4.219.
If there is a positive elevation in the market momentum and investors’ sentiment, then Polkadot (DOT) might hit $10. Furthermore, with future upgrades and advancements in the Polkadot ecosystem, DOT might surpass its current all-time high (ATH) of $55.00 and mark its new ATH.
This content was originally published by our partners at The News Crypto.