Polkadot Price Analysis
Polkadot (DOT) saw an impressive week with an almost 34% rise in its value. Polkadot price had a strong start to December as the bulls charged at the $5.500 resistance level in an attempt to make a V-shaped recovery to the $6.00 price level.
On December 28, the price crossed above the $5,50 with sharp bullish activity carrying the price above the $6.50 level before the day’s end.
As per the weekly chart, Polkadot price exhibits sharp bullish momentum with 35% increase from the week’s opening price. The recent candlestick shows the price movement across the last 48 hours which indicates that the movement is not sustainable.
The altcoin price is expected to observe consolidation or retrace back to the $6.00 level before rising again.
Also Read : Analyst Believe Chainlink (Link) Will Be Ranked 3rd Valuable Crypto
At press time, Polkadot is trading at $7.29 with a 24-hour trading volume of $2,364,517,133 USD. DOT price is up 15.81% in the last 24 hours. The current CoinMarketCap ranking is #7, with a market cap of $6,524,473,098 USD.
Across the technical indicators, the MACD shows decreasing bullish momentum as the two EMAs continue converging. Meanwhile, the RSI suggests a bearish movement as the indicator hovers around 70.00 marks. Unless the bulls can hold the price steady at the current level, Polkadot price may observe another correction to the $6.00 level.
Will the Dot Price Surge in 2021? Can Polkadot Stand Among the Top 5 Crypto Assets?
Crypto Enthusiasts and Analyst with twitter handle @joedegeek seems to be super bullish on DOT. Joedegeek predicts that Polkadot price will hit $250 in 2021. He also points out that “If you missed $Eth, it will only make sense you have #Polkadot now!”
On the other hand, another popular crypto analyst and trader with Twitter handle @SpartanBlack_1 believes that Polkadot has the potential to grow and will be Top 5 by market cap in 2021.
Another Crypto Enthusiast with Twitter handle @01HODL believes that He doesn’t think $DOT (Polkadot) has any plan to replace ethereum. But it’s likely going to replace $XRP on CMC. He also hints that $dot will be soon on listed on coinbase .
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