Analysts believe the price may rally 10 times more than the current price to hit $100 soon.
Dot Price to Hit More Than $40 in a Month
Polkadot price is showcasing a comparatively powerful performance than Bitcoin after it launched it’s own parachain. Having a strong fundamentals and the protocol being sophisticated, the DOT price is expected to touch $43 by the end of January 2021 as predicted by analysts, ich1baN.
However, the Polkadot price rally is expected to hit new highs in 2021, marking a profit gain of more than 10 times. One of the popular analysts,Mr Business, believes DOT price may hit $100 as the marginal cost(MC) which is the initial expenditure to set up a new cryptocurrency, of DOT is 12 times more than that of Ethereum. And if Ethereum is poised to hit $10000 in 2021, then Polkadot may also hit $100.
Moreover many other analysts also have set their DOT price target at $100, and in fact some believe DOT price may hit $500 also.
Polkadot Price Analysis
Polkadot price continues to consolidate above the $17.50 mark as the price faces strong resistance in crossing above the $19.00 mark.
Polkadot price is expected to rise to retest the $19.00 resistance level as the price moves upwards. The positive technical indicators and the rising trade volume suggests a bullish breakout above the level towards the $20.00 mark.
Conversely, if Polkadot’s price falls below the $17.50 support level, DOT may revisit the $15.00 support level. Further downwards movement may mean a fall to the $12.50 mark.
The RSI is neutral and trades close to the 50.00 mark showing low momentum on either side. The indicator is currently moving downwards but with a decreased slope suggesting a decreasing pressure.
The Bollinger bands are currently narrow and suggest further convergence as the price volatility continues to dwindle. The narrowing indicator suggests that Polkadot price may soon observe a sharp increase in price volatility.