Polkadot (DOT) Price To Gain 70% If These Factors Hold True?

A direct competitor to Ethereum, Polkadot, has implemented on-chain pooling of staked DOT and is advocating native staking over centralized third-party systems. This strategy improves the user’s control as well as accessibility and enables the user to stake as few as 1 DOT. With this new development, the price of Polkadot (DOT) has seen a significant uptick with a good number of tokens getting staked into the system.

Polkadot (DOT) Price Surge?

The recent price analysis for Polkadot (DOT) reveals a positive trend, as an upward price movement has been recorded in the preceding twenty-four hours. The price has dramatically increased as a result of the recent bullish trend that the market has been pursuing for the previous few hours. According to an analysis that was released recently by pseudonymous cryptocurrency expert Crypto Tony, Polkadot’s native token, DOT, is on the verge of a major breakout with an upside potential of 30%.

Read More: Check Out The Top 10 DeFi Lending Platforms Of 2023

However, he further entails a price increase of 70% is in sight if the first breakout is successfully breached. DOT’s price is still roughly 87% away from its all-time high valuation of $55 back on Nov 04, 2021. Another key factor holding DOT’s potential price pump is the downsizing of the time required for unstacking DOT tokens which are currently clocked at 28 days. Many DOT holders are hesitant to lock their holdings because of the longer timescale, but with the new upgraded version, which is presently being deployed in Polkadot’s sister chain Kusama, users will soon be able to unstake within seven days.

$DOT / $USD – Update

Really are currently knocking on heavens door. Once we break through we have a chance at a 30% then a 70% target range pic.twitter.com/UyrgPcJrqo

— Crypto Tony (@CryptoTony__) February 18, 2023

DOT Price Analysis

The one-day Polkadot price study corroborates an upward trend for the crypto pair, as the bulls have been leading the price chart even today. This past week turned out to be rather fruitful for those in the selling business. Despite this, there is a good chance that the purchasing pressure will not ease today as long as the pair trades at or above this level. In the crypto pair, the next level of resistance is located around $7.39, and if it is able to break past this level, then it is possible that there will be additional advances in the days ahead. In a similar vein, the level of $6.73 is expected to act as support in the event that there is a pullback from here.

Additionally, it should be noted that DOT’s technical analysis (TA) indicators at CoinGape’s crypto market tracker recommend a strong buying opportunity as summarised by the moving averages which suggest a “buy” at 16 and “sell” at a level 1. As things stand, the price of Polkadot (DOT) is currently trading at $7.23 which represents a decrease of 1.25% over the past 1 hour, in contrast to a gain of 17% over the last seven days.

Also Read: Are These Tokens The Future of Crypto Gaming In 2023?

Source