DOT Finally Breaks Out, Poised for Further Upside to This Level as Polkadot Gears Up For ‘Revolutionary Upgrade’

According to crypto trader ATradeSniper (@Asnipercrypto on X), the price of Polkadot’s DOT token has broken out of a falling wedge pattern after a minor retest. When the analysis was made, the price was around $6.9. ATradeSniper states that in the case of a successful retest, he expects a +25% profit soon. A 25% increase from $6.9 would put the price target around $8.6.

Polkadot 2.0 Upgrade

In a four-part X thread, cryptocurrency analyst Cappex (@CryptoCappex) discusses an upcoming “revolutionary upgrade” for the Polkadot network dubbed Polkadot 2.0. He explains how the current crowdloan model where DOT tokens are lent out is evolving into a more flexible on-demand system for purchasing blockchain space.

This new approach allows parachain development to be more dynamic and responsive on Polkadot. Creators can better adapt to ecosystem needs with this updated methodology.

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There is also an ongoing vote on burning the DOT tokens used to purchase blockchain space. This proposal has full support from the Polkadot Fellowship and would introduce deflationary pressure into DOT’s tokenomics.

While the Fellowship participates in the vote, Cappex notes that community sentiment still plays an important role. The outcome of the vote will be known in 5 days, and he encourages people to stay updated via notification alerts.

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.