Polkadot (DOT) advanced from $3.74 to $10.80 since November 05, 2024, and the current price stands at $9.50. Polkadot (DOT) remains supported after Bitcoin’s price advanced above $99,000 and many crypto analysts link this positive trend on the crypto market to Donald Trump’s decisive victory in the U.S. presidential election.
Positive information is that data from Coincodex reveals a strong bullish sentiment surrounding the altcoin, supported by several indicators, including a Fear & Greed Index score of 78, signaling extreme greed. Furthermore, stablecoins adoption on Polkadot continues to grow as the total valuation of USDT and USDC on the blockchain network recently reached $120 million. This development indicates increased liquidity and trading activity that could spur demand and price increases for DOT.
Taking these factors into account, along with a booming altseason and strong market excitement about the incoming Donald Trump administration, Polkadot is widely expected to maintain its upward momentum. However, these predictions are not set in stone and remain subject to broader market conditions. So where is Polkadot’s (DOT) price going next, and what can we expect from December 2024?
Today, Crypto Lists will discuss Polkadot (DOT) price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.
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- 1 Polkadot has benefited from the ongoing bull run
- 2 Polkadot experienced a surge in developer activity
- 3 Technical analysis for Pokadot (DOT)
- 4 Important support & resistance levels for Pokadot (DOT)
- 5 What speaks for the rise in the Pokadot (DOT) price
- 6 What indicates the downfall of Pokadot (DOT)
- 7 What do analysts and experts say?
Polkadot has benefited from the ongoing bull run
Polkadot is an open-source project that enables cross-blockchain transfers of any type of data or asset, not just tokens. The primary objective of Polkadot is to tackle the prevalent challenges in numerous blockchain networks, such as issues related to scalability, security, and interoperability.
Polkadot enables a fully decentralized internet where users retain complete control over their identity and data. It is important to mention that Polkadot can seamlessly adapt to advancements without requiring hard forks as new technologies emerge.
Another valuable feature of Polkadot is its ability to enable users to create their own blockchains on top of the main Polkadot blockchain, and because of this, Polkadot is often called a “blockchain of blockchains.” Polkadot holds a significant position in the blockchain sphere, boasting a strong ecosystem and an expanding community and many crypto analysts agree that this project has a bright future.
Polkadot has been riding the wave of the ongoing crypto market bull run, experiencing notable gains. Since November 05, 2024, its price and market capitalization have surged by over 100%, reflecting strong investor interest and favorable market sentiment. This growth highlights Polkadot’s resilience and potential as it benefits from broader market trends.
Crypto analysts link this positive trend to Donald Trump’s decisive victory in the U.S. presidential election and according to them, Donald Trump’s critical stance on centralized financial systems, coupled with his unpredictable approach to economic policy, may lead to renewed interest in crypto assets.
Polkadot experienced a surge in developer activity
Market intelligence firm Messari has published recently its Q3 performance report for Polkadot (DOT), offering a detailed look at the network’s development progress and financial performance over the quarter. A key highlight of the report is the strong developer activity on Polkadot. Data from Electric Capital shows that as of July 2024, the network had around 2,400 monthly active developers, including 760 full-time contributors. This ranks Polkadot fourth among major blockchain networks, behind only Ethereum, Base, and Polygon.
Polkadot also made significant strides in Q3 2024 with several key initiatives aimed at enhancing its ecosystem. The Decentralized Futures program, backed by a substantial $20 million fund and 5 million DOT tokens, has been pivotal in driving innovation. This initiative provided grants to various projects focusing on marketing, business development, governance, and technology. Notable projects supported include AirLyft, DotPlay, and BlockDeep Labs.
Positive information is that stablecoin adoption on Polkadot is on the rise, with the combined valuation of USDT and USDC on the network recently surpassing $120 million. This growth reflects heightened liquidity and trading activity, potentially driving increased demand and price appreciation for DOT. Despite this, investors should keep in mind that Polkadot (DOT) also carries its risks as an investment, and history has shown many times that its price can fluctuate dramatically over short periods, leading to substantial gains or losses.
In the weeks to come, Polkadot (DOT) will remain significantly influenced by the general situation in the cryptocurrency and hence, engaging in investments related to DOT demands deliberate consideration. Undertaking comprehensive research and evaluating one’s risk tolerance are fundamental measures prior to committing to any investments within this sphere.
Supply: 1,065,329,984 / 1,146,279,936
Release date: January 1, 2001
Description: Discover Polkadot and be part of the cryptocurrency revolution.
Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.
Technical analysis for Pokadot (DOT)
Polkadot (DOT) advanced from $3.74 to $10.80 since November 05, 2024, and the current price stands at $9.50. A break above the $10 level would indicate that Polkadot (DOT) could probably test the price level at $11 again. As long the price of Polkadot (DOT) is above the line that I marked on the chart below, there is no risk of a bigger sell-off.
Important support & resistance levels for Pokadot (DOT)
On this chart (the period from April 2024), I marked important support and resistance levels that can help traders understand where the price could move. DOT has weakened from its recent highs, but if the price jumps above $10, the next target could be resistance that stands at $11.
The current support level is $9, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $8.50. If the price drops below 8, which represents an important support level, the next target could be $7 or even below.
What speaks for the rise in the Pokadot (DOT) price
Polkadot holds a significant position in the blockchain sphere, boasting a strong ecosystem and an expanding community of developers and users. Polkadot has been capitalizing on the ongoing crypto market bull run, posting impressive gains.
Since November 5, 2024, its price and market capitalization have soared by more than 100%, driven by strong investor interest and positive market sentiment. This surge underscores Polkadot’s resilience and potential, as it continues to thrive amid broader market momentum. A close above $10 will be a strong sign of strength for DOT that could attract further buying, pushing the cryptocurrency toward $11.
What indicates the downfall of Pokadot (DOT)
The downfall of polkadot (DOT) can be influenced by a wide range of factors, including negative rumors, market sentiment, regulatory developments, technological advancements, and macroeconomic trends.
The highly volatile nature of the cryptocurrencies may scare investors to sell DOT if some negative news happens in the cryptocurrency market and because of this, investing in DOT involves a significant degree of unpredictability and substantial risk. Before investing in Polkadot (DOT), it’s crucial to do your research, understand the risks, and consider your investment goals and risk tolerance.
What do analysts and experts say?
Many crypto analysts view Polkadot (DOT) as a promising project with significant potential for long-term growth. On the positive side, data from Coincodex highlights a strong bullish sentiment around the altcoin, supported by various indicators, including a Fear & Greed Index score of 78, signaling extreme greed. Additionally, stablecoin adoption on Polkadot continues to expand, with the total valuation of USDT and USDC on the network recently surpassing $120 million.
This growth points to increased liquidity and trading activity, which could drive greater demand and potential price gains for DOT. Considering these factors, along with a thriving altseason and heightened market anticipation surrounding the incoming Donald Trump administration, Polkadot is broadly expected to sustain its upward momentum. However, investors should keep in mind that these forecasts are not guaranteed and remain dependent on overall market conditions.
Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.
