Dot Price to Hit More Than $40 in a Month
Polkadot price is showcasing a comparatively powerful performance than Bitcoin after it launched it’s own parachain. Having a strong fundamentals and the protocol being sophisticated, the DOT price is expected to touch $43 by the end of January 2021 as predicted by analysts, ich1baN.
However, the Polkadot price rally is expected to hit new highs in 2021, marking a profit gain of more than 10 times. One of the popular analysts,Mr Business, believes DOT price may hit $100 as the marginal cost(MC) which is the initial expenditure to set up a new cryptocurrency, of DOT is 12 times more than that of Ethereum. And if Ethereum is poised to hit $10000 in 2021, then Polkadot may also hit $100.
Moreover many other analysts also have set their DOT price target at $100, and in fact some believe DOT price may hit $500 also.
Polkadot Price Analysis
DOT price initiated its bull rally with a major boost a couple of days before which carried the price from $8 to more than $11 within hours. However, a small correction face was awaiting for the asset that pulled the price close to $10.7.
Surprisingly, the plunge was short-lived and the rally continued like a giant to form a new all-time high at $14.86. Nevertheless a small correction again dipped to $13.44 but the asset balanced the stumble profusely and stood strong above $14.
As the DOT price formed new highs, it just flipped XRP and gained the fourth position as per the market capitalization to enter top 3 assets excluding the stablecoin USDT. The trading volume also increased close to 100 percent from more than $3 billion to $6,521,188,162 at the press time.
The price at the time of writing is $14.07 with a massive jump of 26.46 percent in the last 24 hours.
- The resistance level is formed at the newly formed close to $15, at its all-time high at $14.86. However, DOT price is expected to touch new high much higher than the resistance levels.
- The support levels are formed initially at $13.5. If the price trembled at these levels it needs to revisit the next support levels at $10.76 and finally at $8.07
- The market sentiments are extremely bullish and the technical indicator is pointing towards a ‘strong buy’ signal.