Polkadot (DOT) Price Reaches Above $ 20: Is the Price Target $ 50?

0
145
Candle stick graph chart with indicator showing bullish point or bearish point, up trend or down trend of price of stock market or stock exchange trading, investment and financial concept. thin focus.

Polkadot (DOT), the fourth-largest cryptocurrency by total market cap, once again refreshed the all-time record. The DOT / USD trading pair broke the all-time record to reach above $ 20 and climbed as high as $ 21 on some exchanges.

What are the Price targets for DOT?

$ 19.4 is seen as a crucial support point, according to the DOT / USD technical analysis. If the DOT price drops below $ 19.4, the $ 16 levels can be seen again. But apart from that, the DOT price is expected to rise without any barriers towards the $ 25 psychological resistance after breaking the $ 21.45 resistance. The rise of Polkadot, which is seen as one of the biggest competitors of Ethereum, when the price of Ethereum is rising, increases the competition. As the Polkadot ecosystem develops, the DOT price is positively affected, and the buying pressure increases accordingly. The DOT price increased 17% in the last 24 hours and 31% in 7 days.

DOT / USD Technical Analysis

DOT also increased its total market value to over $ 19 billion. DOT, which reached $ 3.5 billion in the last 24-hour trade volume, is still well behind Ethereum in this respect. However, analysts’ long-term target of $ 50 could enable DOT to catch up with Ethereum. According to technical analysis of DOT / USD, there is no resistance ahead of the price after $ 21.45. However, psychological resistance levels of $ 25, $ 30, and $ 40 will be challenging. As the altcoin season continues, the DOT price may continue to rise.

P.S: This is not an investment advice.

LEAVE A REPLY

Please enter your comment!
Please enter your name here