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Polkadot (DOT) Price Prediction: Will The Bulls Rally To $7?

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polkadot DOT
polkadot DOT

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Polkadot is trading at $6.54 today, representing over a 10% increase for the asset. The token is ranked number 12 in the general crypto market and has a live market cap of $7.504 billion. 

DOT’s price reflects the general crypto market’s positive outlook after the Feds declared support for shuttered bank depositors. Even the global crypto market has added by 5.19% at press time. 

Polkadot Network At A Glance

The Polkadot Network operates an open-source, sharded multi-chain protocol connecting a specialized blockchain network. The DOT token serves for staking, security, and on-chain governance. It also helps in bonding tokens to connect parachains.

There are four main components of the Polkadot network:

  1. Relay chains: These chains help create consensus, shared security, and compatibility across several chains.
  2. Parachains are independent chains that can be optimized for specific use and have their tokens.
  3. Parathreads: Also similar to parachains but operate on a pay-as-you-go model.
  4. Bridges: They are frameworks that connect parachains and parathreads to connect and communicate with external blockchains.

Polkadot Price Prediction 

DOT is trading in the green today at closing on the $7 price level. It traded at $6.53 on March 1, 2023, before dropping to $5.91 on March 4. Polkadot returned to the $6 price level on March 13 and has remained at an uptrend as it seeks to break past its resistance levels.

Polkadot (DOT) Price Prediction: Will The Bulls Rally To $7?

DOT has formed three consecutive green candles on the price charts confirming the bullish pressure on the asset. After the bearish action created a death cross on February 25, 2023, the asset’s price declined. However, it has seen a recovery in the last few days gaining in the open market.

Polkadot is trading above its 200-day Simple Moving Average (SMA), a long-term bullish sentiment for the asset. The candle on the daily chart has broken above the 50-day SMA, indicating a short-term trend bullish trend. The Relative Strength Index (RSI) is at 56.57, showing price neutrality. However, the indicator is rising upwards, confirming the bullish trend. 

DOT’s Moving Average Convergence/Divergence (MACD) is just moving above its signal line, which is a bullish sentiment. Despite the MACD’s current negative value, the histogram bar for today is green, reflecting the bullish trend.

The support levels are $5.40, $5.56, and $5.83; the resistance levels are $6.26, $6.42, and $6.69. DOT is trading at $6.53, close to its strongest resistance level. Expect DOT to trade at $7 in the coming days.

Factors That Could Drive DOT Rally

Polkadot’s recent rally is partly a result of several developments and updates on the network. Here are the recent updates that are relevant to the DOT community.

Stellar Joins The Polkadot Network

Stellar, a crypto payment platform, links the Polkadot and Kusama networks using the new Spacewalk bridge. This move will connect the two blockchain technologies with Stellar’s fiat framework worldwide.

Pendulum, the recent Polkadot para chain auction winner, developed this bridge. The bridge will connect decentralized finance (DeFi) with foreign exchange (forex) markets. Stellar is a renowned payment platform partnered with payments giant MoneyGram for cross-border payments.

The Spacewalk bridge is now functional on Polkadot’s canary network and will launch soon on Kusama. This collaboration will bridge the gap between decentralized finance and fiat payment solutions, making it easier and more seamless for users.

Polkadot Blockchain Academy Open To Applications

Polkadot network has announced the official opening of its blockchain academy application in 2023. The course will run between July 10 and August 10, 2023. The official website states that the application is open to curious minds that want to go beyond coding to becoming contributors.

Students will receive intensive training and all the necessary tools and support to achieve their goals. The training is open to software engineers and Web3 developers who want to take the next career development steps.  The curriculum is rich and divided into 8 modules critical to the blockchain sector.

These modules are Cryptography, Economics and Game theory, Core blockchain concepts, Substrate, and Frame and Pallets. Others are Polkadot, Parachains and Cumulus, Cross-Consensus Messaging (XCM), and Smart contracts.

The training is a 4-week intensive in-person program that covers foundational concepts and the practical aspects of programming. This training aims to build more Web3 literate personnel and increase Web3 adoption.

Polkadot Bled Hackathon Unveiled 

The Polkadot Network will host a 3-week hackathon event focused on building new applications that will add value to the blockchain. The first two weeks of the event will be hosted online with access to workshops, mentoring sessions, and many other activities. The final week of the event will see the participants converge in Bled, Slovenia, to showcase their projects and enjoy a serene environment.

The event starts from April 17 to May 5, 2023, and features NFT Infrastructure and Tools, Apps, Pallets, Libraries, Data-science, and On-chain Insights. Also, participants will engage in fun activities to unwind, such as walks, paddle boarding, and boat rides.

Polkadex Unveils THEA Polkadot Network

Polkadex is a Peer-to-Peer (P2P) marketplace that offers users a balance between a centralized and decentralized exchange. The platform offers liquidity, fast transaction times, and advanced trading features, which include high-frequency trading and trading bots.

Also, the Polkadex order book, a fast layer 2 exchange with no transaction fees, is one of the main features available to users. Also, one of its unique features is THEA. This software allows transfers to any wallet and ensures that bridging transactions cost the same as regular on-chain transfers.

Polkadex developed the threshold signature scheme where the users keep a secret share of private keys. This eliminates the possibility of all private keys getting compromised in one location. 

DOT alternatives That Can 10x Your Investments

Polkadot is gaining in the market today but is still prone to price volatility. These altcoin presales can reward early investors and multiply their investments.

C+Charge (CCHG)

C+charge is a platform that harnesses blockchain technology to provide real-world solutions and reduce carbon emissions. The platform has developed an efficient system for electric vehicle owners to charge their vehicles using carbon credits.

This innovation bridges the gap between the institutional players and individual EV owners previously left out of the carbon credit revolution. Also, users can access this technology at their fingertips since the platform will provide a mobile app for essential analytics.

The CCHG token powers the ecosystem and supports payments for vehicle charging. Also, it provides users with Goodness Native Tokens (GNT) in the form of verifiable carbon credits. The CCHG token presale has raised over $2.79 million, and investors can use Ethereum and USDT to purchase these CCHG tokens. 

Fight Out (FGHT) 

Fight Out is a Move-to-Earn (M2E) platform that rewards users for engaging in activities that promote physical fitness. The Platform has attracted interest from professional athletes worldwide and comes with customizable plans to suit users’ preferences.

Fight Out’s mobile app monitors users’ progress and connects them to a common platform. Plans are in place to set up physical fitness centers worldwide. The presale stages have been an outstanding success and raised $5.5 million. Early investors are opportunity to earn profit as the value of the tokens will continue to increase.

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