Price Analysis

Polkadot Massive Rally On Horizon ! DOT Price Eyeing $100

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After a likely date for parachain auctions was determined, Polkadot’s token jumped to $40 for the first time in five months. 

The November 11 auctions will bring the interoperable multichain network one step closer to a live debut. 

Polkadot parachains can share data and connect to other blockchains such as Ethereum, potentially enabling new services such as DeFi and NFTs. 

Five years after the idea was created and work began, Polkadot stated that its network is now ready to deploy parachains. Parachains are the final milestone in Polkadot’s network development path, according to the project whitepaper.

DOT has increased by 48% in the last two weeks and is currently only 16% away from it’s all-time high of $49.39 established on May 15th. At the time of writing DOT is trading at $40.44 and is up by 15.4%.

Polkadot Price Walking Towards $100

According to Binance data, Dot’s price soared as much as 19 percent to a high of $43.56 on Wednesday after the auction announcement. At the time of our latest check on Thursday, it was trading at $40.76. The coin was down 2.93 percent at 40.42 at the time of writing. 

This is also symptomatic of a decline, as the price has dropped to $41 in the last four hours. The last upswing had been quite powerful, as the price had broken through the $42 barrier. If DOT’s advances continue, the altcoin may test the upper resistance levels of $42 and $44, respectively.

On the other hand, if DOT fails to hold the recent important highs, it may be on the verge of a correction. DOT will be forced to test the lower support levels of $38 and $36 as a result of dipping. 

Michael Van Poppe, a well-known trader and expert, recently tweeted that Polkadot might reach $100.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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