Price Analysis

Polkadot(DOT) Price Gearing Up, May Leave Behind Top Giants Very Soon

Author: Sahana Vibhute

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A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Highlights
  • Polkadot price has been trying hard to flip from the bearish trend, while the bears continue to mount a significant selling pressure over the asset

  • After maintaining a similar trend for some more time, the asset is expected to kick off a notable upswing very soon

Polkadot has been heavily undervalued in terms of its value or market dominance as the platform has advanced, leaving minimal impact on the DOT price. Presently, the bears continue to mount pressure on the asset and also the entire crypto space. Hence, the price of Polkadot is compelled to trade within a very narrow margin. 

However, in the coming days, the DOT price is expected to get a wider push as the development activity has surpassed Cardano & Ethereum. The platform held more than 500 GitHub events in September. Even though cardano & ethereum underwent a major network upgrade in September, the number of events was restricted to 455 & 400, respectively. 

The rise in the development activity of Polkadot may be due to the implementation of a new network upgrade intending to modify the runtime to v9270 and the launch of a new DeFi product called vDOT. These couple of events uplifted the price close to $7, but woefully, the negative market sentiments dragged the price lower. 

Despite the positive network upgrades, the DOT price is still within bearish captivity as the price continues to trade below the crucial support zones. The token is expected to drop below these levels and offer the bulls more DOT below $5. Further, the asset could rebound finely and lay down a significant upswing to reach $7 in the next couple of weeks. 

Social dominance and volume have dropped heavily, which may further impact the DOT price rally. However, the Polkadot developers have released a new road map recently that paves the way for major upgrades in the operations of the chain in an upcoming couple of months. 

On the bright side, USDC, the popular stablecoin by Circle, has announced its existence on Polkadot. Therefore, the Polkadot(DOT) price is expected to rise finely and reach a double-digit figure in 2022.

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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