The broader crypto market has struggled to gain momentum in recent months, the Polkadot ecosystem continues to see steady development and integration. Most recently, Raise, a gift card platform, began accepting DOT payments with up to 20% cashback rewards for users.
In another announcement, the Polkadot team launched their Polkadot Ink! Bootcamp initiative focused on helping developers learn and build with ink!, Polkadot’s smart contract language built in Rust. Effective smart contract development will be integral as more projects launch on Polkadot’s shared blockchain network.
Speaking of which, Mosaic Chain secured one of the coveted parachain slots on Polkadot’s relay chain. This critical approval allows Mosaic Chain to launch their blockchain as a bonded parachain, fully integrated with Polkadot’s shared security.
Despite signs of underlying progress, DOT prices have remained subdued along with the wider market. At around $4.45, DOT is off its all-time high but continues to hold key technical support. However, not all investors have lost faith in Polkadot’s long term potential.
DOT Price Prediction
“CryptoBullet” analyst told to his many followers on Twiter that he predicts DOT price to hit $45 and this will be his bull cycle top where he will take all the profits from his current position.
Let’s take a deeper look at the chart and analysis behind this optimistic Polkadot price prediction:
The first noticeable feature is a thick black downtrend line that has been guiding DOT lower for some time. This line acted as formidable resistance throughout the downtrend. However, significantly, DOT has now pierced above this trend, signaling sentiment may be shifting.
After breaking out, it’s unsurprising to see DOT pull back to retest its previous resistance as newfound support. Right now, this coincides with the $4.50 zone. Should it hold, it would give bulls confidence the bottom may be in.
Between $3.50-$5.50, CryptoBullet identifies a potential accumulation zone in green. This range reflects a key buying region that accumulated coins over the past months. Sustained support here could spur the next leg higher.
Taking a look now at various Fibonacci retracement levels on the way up, CryptoBullet pinpoints several upside targets. The first falls around the 0.236 level at $9, with further targets at the 0.382, 0.618 and 0.786 levels potentially capping any rallies.
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Show more +Most ambitiously, CryptoBullet has his eyes set on the 0.786 level in the $35-$45 range as his main target. Having held a long position, he intends to take profits near this climactic point of the cycle.
While $70-$88 may now be less likely, a return to all-time highs could signal the bull market peak that CryptoBullet anticipates cashing out most of his DOT position near $45.
Read also: This XRP Price Pattern Signals Potential Breakout as Ripple Analyst Highlights Key Levels to Watch
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