- Summary:
- In this Polkadot price forecast, we explain why the price could continue rising by another 8% in the near term. What next?
The Polkadot price has rebonded in the past few sessions, helped by the rising interest in non-fungible tokens (NFT) and as more developers look for alternatives to Ethereum. The DOT price is at $34, which is more than 20% above last week’s low of $28.40.
What happened: Developed by one of the co-founders of Ethereum, Polkadot has become one of the fastest-growing blockchain networks in the world. It has more than $31 billion in market value, making it the 6th biggest digital currency in the world. In the past 24 hours, the volume of Polkadot has been more than $1.5 billion, according to data compiled by Investing.com.
Some of the programs developed in Polkadot have started to gain traction. For example, Kusama, has grown to become the 24th biggest digital currency in the world. Other top projects built in Polkadot are Acala Network, ChainX, and Edgeware, as shown below. Indeed, Acala Network secured its first Rococo parachain network.
Polkadot price prediction
The two-hour chart shows that the DOT price has bounced back after dropping substantially last week. The price has moved to the 50% Fibonacci retracement level. It is above the 25-day moving averages while the Relative Strength Index (RSI) has continued to rise. It is also slightly above the ascending trendline that connects the lowest levels since March 25.
Therefore, in my view, the Polkadot price will likely keep rising as bulls target the 23.6% Fibonacci retracement level at $37.2. This price is about 8% above the current level. However, a move below $33 will invalidate this trend.
DOT price chart
