- Bullish DOT price prediction for 2023 is $7.003 to $8.885.
- Polkadot (DOT) price might reach $10 soon.
- Bearish DOT price prediction for 2023 is $4.186.
In Polkadot (DOT) price prediction 2023, we use statistics, price patterns, RSI, RVOL, and other information about DOT to analyze the future movement of the cryptocurrency.
Polkadot (DOT) Current Market Status
| Current Price | $5.18 |
| 24 – hour trading volume | $138,358,194 |
| 24 – hour price change | 2.76% Down |
| Circulating supply | 1,245,111,279 DOT |
| All – Time High | $55.00 (Nov 04, 2021) |
DOT Current Market Status (source: CoinMarketCap)
What is Polkadot (DOT)?
Polkadot (DOT) is the native cryptocurrency of the Polkadot ecosystem. Polkadot is a multi-chain blockchain ecosystem home to a network of interoperable sharded blockchains, and parachains. The token, DOT, was launched in August 2020.
DOT is primarily used as network fees and grants governance rights to the holders. Furthermore, the Polkadot ecosystem comprises a core network, relay chain, and several parachains. The blockchain utilizes the nominated proof-of-stake (NPoS) consensus to secure the transactions of the blockchain.
Polkadot (DOT) Price Prediction 2023
Polkadot (DOT) ranks 13th on CoinMarketCap in terms of its market capitalization. The overview of the Polkadot price prediction for 2023 is explained below with a daily time frame.
DOT/USDT Cup and Handle Pattern (Source: TradingView)
In the above chart, Polkadot (DOT) laid out a cup and handle pattern. A cup and handle is a technical chart pattern that is similar to a cup and handle where the cup is in the shape of a “u” and the handle has a slight downward drift. A cup and handle is considered a bullish signal extending an uptrend and is used to spot opportunities to go long.
At the time of analysis, the price of Polkadot (DOT) was recorded at $5.18. If the pattern trend continues, then the price of DOT might reach the resistance levels of $5.549 and $7.216. If the trend reverses, then the price of DOT may fall to the support of $4.988, and $4.264
Polkadot (DOT) Resistance and Support Levels
The chart given below elucidates the possible resistance and support levels of Polkadot (DOT) in 2023.
DOT/USDT Resistance and Support Levels (Source: TradingView)
From the above chart, we can analyze and identify the following as the resistance and support levels of Polkadot (DOT) for 2023.
| Resistance Level 1 | $7.003 |
| Resistance Level 2 | $8.885 |
| Resistance Level 3 | $5.183 |
| Support Level | $4.186 |
As per the above analysis, if Polkadot’s (DOT) bulls take the lead, then it might hit and break through its resistance level of $8.885.
Conversely, if Polkadot’s (DOT) bears dominate the trend, the price of DOT might plunge to $4.186.
Polkadot (DOT) Price Prediction 2023 — RVOL, MA, and RSI
The technical analysis indicators such as Relative Volume (RVOL), Moving Average (MA), and Relative Strength Index (RSI) of Polkadot (DOT) are shown in the chart below.
DOT/USDT RVOL, MA, RSI (Source: TradingView)
The technical analysis indicator Relative Volume (RVOL) is used to measure the trading volume of an asset in relation to its recent average volumes. It is typically calculated by dividing the current day’s trading volume by the average volume over a specified period, such as the past 20 or 50 trading days. Also, it helps traders in identifying unusual trading activity and changes in market sentiment.
At the time of analysis, the RVOL of Polkadot (DOT) was found below the cutoff line. Thus, it denotes a weak volume of participants trading in the current trend.
The next technical indicator is the Moving Average (MA). This momentum indicator is used to smooth out price data and identify trends in the market. It helps in calculating the average price of an asset over a specific period. Particularly, the 50-day moving average (50 MA) evaluates the average closing price of the asset over the past 50 days. When the price of an asset is above 50MA, it is considered to be in an uptrend (bullish), and if laid below 50MA, it is in a downtrend (bearish).
Notably, in the above chart, the DOT price lies above 50 MA (short-term), indicating its upward. Hence, DOT is in a bullish state. Although this is the current state, a trend reversal might occur.
Next up is the Relative Strength Index (RSI). Significantly, this analysis indicator helps traders to determine the strength and momentum of an asset’s price movement over a specific period. In this analysis, the RSI is calculated by comparing the average gains and losses of the asset over the past 14 periods. The resulting value lies between a range of 0 and 100. Hence, the readings above 70 indicate an overbought state, and below 30 indicate an oversold state.
Significantly, traders often use the RSI to identify potential trend reversals or to confirm the trend’s direction. For instance, if an asset is in an uptrend and the RSI reaches an overbought reading of 70, it may suggest that the asset is due for a pullback or correction. Conversely, if an asset is in a downtrend and the RSI is in an oversold reading of 30, it may suggest a potential reversal.
At the time of analysis, the RSI of DOT is at 54.52. Therefore, this indicates DOT is a nearly overbought state. Also, this confirms that DOT sends out a buy signal.
Polkadot (DOT) Price Prediction 2023 — ADX, RVI
In the below chart, we analyze the strength and volatility of Polkadot (DOT) using the following technical analysis indicators – Average Directional Index (ADX) and Relative Volatility Index (RVI).
DOT/USDT ADX, RVI (Source: TradingView)
To analyze the strength of the trend momentum, let us take note of the Average Directional Index (ADX). The ADX value is derived from the two directional movement indicators (DMI) such as +DI and -DI and is expressed between 0 to 100.
According to the data on the above chart, the ADX of DOT lies in the range of 18.263 pointing out a weak trend.
The above chart also displays another technical indicator – the Relative Volatility Index (RVI). This indicator measures the volatility of an asset’s price movement over a specific period. With respect to the chart’s data, the RVI of DOT lies below 50, indicating low volatility.
Comparison of DOT with BTC, ETH
Let us now compare the price movements of Polkadot (DOT) with that of Bitcoin (BTC), and Ethereum (ETH).
BTC Vs ETH Vs DOT Price Comparison (Source: TradingView)
From the above chart, we can interpret that the price action of DOT is similar to that of BTC and ETH. That is, when the price of BTC and ETH increases or decreases, the price of DOT also increases or decreases respectively.
Polkadot (DOT) Price Prediction 2024-2030
With the help of the aforementioned technical analysis indicators and trend patterns, let us predict the price of Polkadot (DOT) between 2024 and 2030.
Polkadot (DOT) Price Prediction 2024
If bulls dominate the price momentum and trend patterns, then Polkadot (DOT) might successfully test and surpass its resistance levels to hit $15 by 2024.
Polkadot (DOT) Price Prediction 2025
The significant upgrades in the Polkadot ecosystem might persuade the entry of an increased number of investors. This may eventually boost the Polkadot (DOT) price to reach $20 by 2025.
Polkadot (DOT) Price Prediction 2026
If Polkadot (DOT) successfully tests its major resistance levels and continues to move upside, then it would rally to hit $25.
Polkadot (DOT) Price Prediction 2027
If Polkadot (DOT) sustains major resistance levels and stands as a better investment option in the market, then DOT would rally to hit $29.
Polkadot (DOT) Price Prediction 2028
If Polkadot (DOT) holds a positive market sentiment amid the highly-volatile crypto market by driving significant price rallies, then DOT would hit $35 by 2028.
Polkadot (DOT) Price Prediction 2029
If investors flock in and continue to place their bets on Polkadot (DOT), then the crypto would witness major spikes. Hence, DOT might hit $37 by 2029.
Polkadot (DOT) Price Prediction 2030
By 2030, the DOT price might rally to $40 if the trend momentum aligns in favor of Polkadot. Furthermore, DOT would hold a positive market sentiment and be labeled as a long-term investment with highly profitable ROI.
Conclusion
If Polkadot (DOT) establishes itself as a good investment in 2023, this year would be favorable to the cryptocurrency. In conclusion, the bullish Polkadot (DOT) price prediction for 2023 is $8.885. Comparatively, the bearish Polkadot (DOT) price prediction for 2023 is $4.186
If there is a positive elevation in the market momentum and investors’ sentiment, then Polkadot (DOT) might hit $10. Furthermore, with future upgrades and advancements in the Polkadot ecosystem, DOT might surpass its current all-time high (ATH) of $55.00 and mark its new ATH.
FAQ
1. What is Polkadot (DOT)?
Polkadot (DOT) is the native cryptocurrency of the Polkadot ecosystem. Polkadot is a multi-chain blockchain ecosystem home to a network of interoperable sharded blockchains, parachains.
2. Where can you buy Polkadot (DOT)?
Polkadot (DOT) has been listed on many crypto exchanges which include Binance, FMFW.io, MEXC, OKX, Coinbase, WhiteBIT, Bybit, Gate.io, and Phemex.
3. Will Polkadot (DOT) record a new ATH soon?
With the ongoing developments and upgrades within the Polkadot platform, Polkadot (DOT) has a high possibility of reaching its ATH soon.
4. What is the current all-time high (ATH) of Polkadot (DOT)?
Polkadot (DOT) hit its current all-time high (ATH) of $55.00 on Nov 04, 2021.
5. What is the lowest price of Polkadot (DOT)?
According to CoinMarketCap, DOT hit its all-time low (ATL) of $2.69 on Aug 20, 2020.
6. Will Polkadot (DOT) hit $10?
If Polkadot (DOT) becomes one of the active cryptocurrencies that majorly maintain a bullish trend, it might rally to hit $10 soon.
7. What will be the Polkadot (DOT) price by 2024?
Polkadot (DOT) price might reach $15 by 2024.
8. What will be the Polkadot (DOT) price by 2025?
Polkadot (DOT) price might reach $20 by 2025.
9. What will be the Polkadot (DOT) price by 2026?
Polkadot (DOT) price might reach $25 by 2026.
10. What will be the Polkadot (DOT) price by 2027?
Polkadot (DOT) price might reach $29 by 2027.
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Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
