Price Analysis

Polkadot’s Price Could Surge 100% Following the Auctions! Check Out the Entry Zones!

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Highlights

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  • Traders pin high hopes on parachain auctions, fear of buy the rumor sell the news pertains.
  • Analyst apprises entry zone, prior to the swing in DOT’s prices.

  The crypto space has been lacking enthusiasm lately. The market cap of the industry at press time hovers around $2,694,015,419,236. The trading volume for the last 24-hours is around $213,200,527,828. While the dominance of Bitcoin stands at 42.8%. 

Polkadot has always been on traders’ radar. With the much anticipated parachain auctions nearing, buyers are looking for purchases. While the fear of a Cardano-like scenario persists. Meanwhile, analyst pens down entry zone for DOT purchases.

DOT Price

  Polkadot at press time is trading at $42.62 with gains of 0.7%. The market cap of the altcoin is around $44,529,927,734. While, the 24-hour trading volume is about $2,705,238,839. The coin falls short of surpassing its resistance at around $46.4. Which it did attempt conquering, but fell to levels around $38.7. However, with the intervention of bulls, the DOT price has retraced to its level of around $42

The digital asset needs to level up its momentum to surpass its resistance, to reach its ATH at $49.35. Which the coin holds the potential to conquer in the immediate term. Netizens expect the DOT to surpass its ATH shortly, without much fuss.

Analyst Tips an Entry Zone for Purchases

  Analyst speculates a solid entry at around the $30 mark (if it arrives). Suggesting high volume node and 200D EMA around that area. The analyst expects a more sideways movement, but the entry zone to be a strong catalyst for Q4. 

While DOT reaching the aforementioned levels seems to be less likely. However, the levels below the $40 range look promising for buyers looking out to make DOT purchases prior to its leg-up. Which is anticipated, as the parachain auction’s nears. On the contrary, the fear of “Buy the Rumor, Sell the News” persists among investors.

According to some sources, more decentralization is under consideration for Polkadot. As its much-anticipated update nears. With the first batch of five Polkadot parachain auctions, starting from the 11th of November. With a new auction, each week. Netizens are hopeful of DOT prices going 2X with the commencement of auctions. Hopefully, November turns Moonvember for Polkadot.

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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.

Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

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