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Will Polkadot (DOT) Price Experience A Cardano-Like Price Rally?

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With the shift in momentum, most of the cryptocurrencies inculcated a steady uptrend. Unlike the rally in the first half of 2021 where most of the coins were pumped and dumped hard. Despite a huge crash, the Polkadot price kept the double-digit figure intact. The intensifying bullish trend points towards a Cardano-like rally as the DOT ecosystem is set to ignite series of updates.

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Polkadot launched the genesis block of its Relay Chain in May 2020. And is all set to launch several Parachains in 2021. As the crypto space witnessed a skyrocket surge with the ADA price with the speculation of the launch of Cardano Smart Contracts, DOT price could also experience a similar one. 

A popular analyst Lark Davis also speculated the same and said that ADA price underwent an insane rally with the speculation of smart contracts. And hence the DOT price can also get a major boost with teh launch of the Parachains.

Also Read: Cardano Price Smashes New Highs, $3 Could Be Imminent Today!

Polkadot Price Analysis, A Clear Path To $32

DOT price currently successfully tested the immediate resistance levels at $26 and strong heading towards the north. With the shift in momentum, the DOT price rallied constantly within an ascending parallel channel. Moreover, it’s heading strongly to break the upper resistance level of the channel. If the price is successful in doing so $32 appears to be imminent. 

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The levels around $32 appear to be pretty strong as the price has been either rejected or underwent a complete reversal. And hence once $32 levels are successfully sustained, smashing the $38 resistance zone could be effortless. Further forming ATH can become mandatory at that point in time. 

Collectively the year 2021 seems to be pretty good in terms of upgrades and advancements in the crypto space. As more and more adoptions have surfaced the water, many promising projects have also made their way out. One such project is the Polkadot Parachains that can be a lucrative project to thrive. Also, it can boost the DOT price in a very similar way as the ADA price. 

Also Read: Analyst Predicts XRP Price To Hit $20-$30, Is Lawsuit Settlement & Relisting On The Cards?

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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.

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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