Polkadot (DOT) Price Prediction – Will It Reach New Lows?

Polkadot (DOT) is a blockchain multichain protocol that securely connects specialized blockchain networks. It is known for its ability to run cross-chain data transfer of any type of asset, excluding tokens.

Notably, its native coin is currently occupying the 13th position in CoinMarketCap‘s list of notable digital currencies based on market capitalization at the time of writing.

DOT’s Past and Present Price Action As of June

According to CoinMarketCap, Polkadot, as of today, July 4, 2023, is down by 0.99% in the past 24 hours with a trading volume of $123,511,961. 

It started the month of June with a bearing movement; it closed with the price of $5.2107 on June 1, 2023, against its price of $5.3178 on May 31, 2023.

 The bulls held this position for 2 days as DOT had closed market prices of $5.2799 and $5.3303 on June 2 and June 3, 2023, respectively. 

The bears grabbed the market control again as they increased selling pressure forcing the DOT market to plummet and closed within $5.0222 and $5.3194 price levels between June 4 and June 8, 2023.

This drop might have been supported by the SEC’s lawsuits on Binance and Coinbase Global Inc. between June 5 and June 6, 2023. As fears lingered, the DOT further plummeted, leaving the $5.3194 price level and entering the $4.9821 price level.

Polkadot continued trading in the bearish trend, even trading below the $4.9821 price level with insignificant price changes between June 10 and June 12, 2023.

As of June 13, 2023, the bulls increased buying pressure to reclaim their bullish momentum as DOT closed at $4.6221 but later lost it to the bears.

The DOT market price fluctuated within the bearing trend until June 20, 2023, when it closed at $4.6689 against its previous closed price of $4.5224 on June 19, 2023.

This price gain could be attributed to the bull run which started in the Bitcoin market on June 20, 2023. Since then, the market price has increased and later left the $4.5224 price level as it closed at $5.1002 on June 23, 2023.

Today, July 4, 2023, DOT is trading at $5.34, showing a 1.52% price difference at the time of writing. Although it’s red today, DOT’s price outlook based on technical indicators could hint at what to expect in the nearest future.

Polkadot Signals Short-Term Bullish and Longer-Term Bearish

As seen on the chart above, the Moving Average Convergence/Divergence (MACD) indicator is above the signal line with a faded green histogram bar. This confirms the coin’s bullish signal and its tendency to fluctuate in a short period.

Meanwhile, DOT trades above its 50-Day Simple Moving Average (SMA) but below the 200-Day SMA. This represents a short-term bullish and long-term bearish for the coin, which means its price could stagnate within the $5 level for a longer period, but with several rallies.

The Relative Strength Index (RSI) indicator is 58.65, a neutral market position for DOT. It’s pointing down, indicating a movement to the oversold region (below 30), suggesting a trend reversal soon. If the RSI reaches the oversold zone, the coin’s price will decline further, forming more red candlesticks on the chart. 

However, considering the bullish momentum on the MACD and 50-Day SMA, traders could maximize these buying opportunities and, as a result, push the RSI upward. If that happens, the coin’s value could grow further in the short term.

Polkadot Support and Resistance Levels

The support levels for Polkadot are $2.58 and $4.47. Its resistance levels are at $5.64 and $7.26. Considering the coin’s current price, DOT has broken above its support levels.

Furthermore, the price is closer to the lower resistance level of $5.64, suggesting potential consolidation around this price range. If DOT’s price remains at this level, it could face persistent fluctuation or even shed some of its gains in no time, indicating increased selling pressure in the coin’s market.

Moreover, considering the space between the support and resistance levels, DOT’s price may experience price swings in the nearest future. Many traders could take advantage of these price movements to sell near resistance, making profits from short-term fluctuations in the long run.

Meanwhile, if the price successfully surpasses the resistance level at $5.64, it could commence a breakout to the upside, attracting more buyers and potentially pushing DOTs to a higher level.

Notably, cryptocurrencies are highly volatile and are affected by several factors ranging from investor behavior to news events. These can make price movements deviate from predicted patterns. Thus, adequate risk management approaches and technical analysis must be implemented before investment.

Experts’ Price Prediction of Polkadot

Some experts in crypto technical analysis predicted the future market price of Polkadot. Some experts at DigitalCoinPrice predicted that by 2023, DOT would have a market price of $11.23, $4.88, and $11.91 for its average, minimum, and market prices, respectively.

By 2024, the experts said DOT would have a price of $13.41 for its average price, $11.72 for its minimum price, and $13.89 for its maximum market price.

By 2025, they also stated that the market price for DOT would have average, minimum, and maximum market prices of around $17.70, $16.09, and $19.01, respectively.

Notably, a group of analytical experts at Bitnation predicted that by 2023, the market price of DOT will have an average price of $8.17, a minimum price of $6.54, and a maximum price of $9.81. By 2024, the market price of DOT will have its average, minimum, and maximum prices around $13.62, $11.99, and $15.26, respectively. 

By 2025, the expert team also predicted DOT to have market prices of $19.07, $17.44, and $20.71 for its average, minimum, and maximum prices, respectively.  

Notably, multiple experts predicted the future market price of Polkadot. Another technical, analytical team at Coinculture also predicted that by 2023, DOT would have its minimum and maximum market prices around $4.68 and $11.37, respectively.

By 2024, the Dot market price will be around $9.36 and $13.48 for its minimum and maximum prices, respectively. By 2025, the expert team at Coinculture continued and said that DOT would have a minimum price of around $11.66 and a maximum price of around $16.78.

Factors May Influence Polkadot Market Behavior

The behavior of Polkadot’s market price could be affected by various factors, including recent development within the Polkadot ecosystem, the laws of demand and supply, market sentiments, global crypto capitalization, etc.

Notably, recent developments have been associated with the Polkadot ecosystem, ranging from AI-based app developments to NFT marketplace launch. Here are some recent developments that could foster growth in DOT’s price.

Polkadot Launched NFT Marketplace

Polkadot has also taken the step to improve its ecosystem by incorporating NFTs. NFTs have been making waves in recent years, which has made projects that ventured into it to gain more investors.

Polkadot already has its unique ability as a network that allows cross-chain data transfer. This in the Polkadot network is referred to as the Polkadot Parachain. Its NFT marketplace is built on its Unique Network. 

Considering the solutions and impact of this development, the Polkadot ecosystem could garner more investors’ attention to its ecosystem, which would positively affect the DOT market behavior.

Polkadot AI-Based dApps

Notably, the Polkadot project team does not want to be left behind in the recent trends in technological advancement. It is interesting to see that Polkadot has also adopted cutting-edge technology, Artificial Intelligence (AI).

This means it will also facilitate its dominant pursuits in the crypto industry. This AI incorporation into the Polkadot network could attract the attention of investors and positively affect the market behavior of DOT, its native coin.

Polkadot in Partnership with Vodafone to Facilitate to Improve Aviation Efficiency

Vodafone, the mobile phone giant, is in a deal with the Polkadot Network. This was unveiled during the finals day of Polkadot’s biggest annual event, the Polkadot Decoded 2023.

According to David Palmer, Vodafone’s blockchain leader, Vodafone’s SIM cards connected to the Aventus chain will be inserted into airlines cargo tracking pods. This also brings in Aventus into the partnership deal. 

This partnership is coming up following the frequent missing of these tracking pods, which cost the aviation industry a whopping sum of $400 million animally. Palmer further stated that they would use a live network of IoT to ensure that encrypted devices are secured at both ends.

This will be among the new projects likely to integrate blockchain with real-world gadgets. He also noted that they look forward to getting more mobile operators on board.

This interesting partnership could arouse excitement in the DOT market behavior and make the native coin gain value in the future. Besides these recent developments, general market sentiment and positive investor behavior could facilitate the price of Polkadot in the long run.