Our Polkadot price prediction suggests that the price could go as high as $11.84 in August. DOT price has created another higher on the 1D chart before getting rejected from $9.5. This is the 2nd rejection of the cryptocurrency from this level which is adjacent to the 0.618 Fib retracement level. A reclaim of this level might trigger another 25% bullish move.
Polkadot coin is lagging in the ongoing recovery as compared to Ethereum and Polygon MATIC. Blockchain gurus attribute this slow recovery to the low network activity and the lack of a developed ecosystem. Although many Polkadot parachains are already live on the blockchain, they have yet to gain much traction.
At the time of writing, Polkadot price is trading at $8.68 after losing 2.36% on Wednesday. Most altcoins are showing a similar price action in anticipation of the July CPI print. Bitcoin price is also trading at the lowest level of the week. The volatility is likely to continue for another 24 hrs. You may buy Polkadot and other cryptocurrencies on top crypto exchanges like Binance, Kucoin, and BYBIT.
According to Polkadot news today, the Web3 Foundation has achieved the milestone of approving 400 projects for the grants. The organization, which is responsible for funding the upcoming DOT projects, has approved almost 40% of the applications that it has received so far.
A look at the DOT USD price chart shows a falling wedge breakout. The price action has also formed an inverse H&S pattern that acts as a good bottom indicator. Nevertheless, the $9.2-$9.5 region has become a major hurdle in further bullish price action. The falling wedge breakout gives us a price target of $11.84.
This Polkadot price prediction comes from the confluence of the falling wedge breakout and 0.382 Fib zone. If there’s enough momentum, the price could even tag the 200-day moving average at $13.78. However, any daily closure below $7.68 would invalidate this price prediction as this would change the market structure.
This post was last modified on Aug 10, 2022, 11:48 BST 11:48