Polkadot Price Prediction 2023 – Coindoo

Polkadot is a multi-chain protocol developed to connect private and public blockchains in order to allow them to share information without an intermediary.

DOT is the native coin of this platform, and like many other PoS-based coins, it can be used to stake and generate rewards on the chain or trade with other cryptos. In this article, we will be looking at DOT’s past price movement to try and determine its price actions for 2023. 

Polkadot Price Prediction | Introduction 

Polkadot is currently trading at $5.29, holding the #11 rank on the crypto market. There are currently 1,146,733,830 DOT in circulation, and the cryptocurrency has a total market cap of $6,066,347,291. 

Polkadot was intended to offer better interoperability and scalability than Ethereum, but the project is relatively new compared to ETH. We will have to wait and see if the project will be able to attract larger projects and maintain its relevance in the upcoming years. 

Polkadot (DOT) has so far managed to keep losses to a minimum, even after the FTX crash, floating around the $6 range before settling for the $5 area. 

Polkadot Price Prediction: Technical Analysis 

In order to better understand Polkadot’s evolution, let’s take a look at its price for the past 6 months: 

Since December 5, Polkadot has been exhibiting bearish signs as the coin suffered a loss of 10.48%. On December 7, DOT’s value declined from $6.51 to $5.25. During the same day, DOT saw a small bump in price, bringing it to $5.27. 

On December 10, Polkadot (DOT) was going through a relatively positive momentum. Polkadot has not experienced any major price fluctuation during that day, staying between $5.27 and $5.42. 

Chart analysis, however, shows that the latent bearish sentiment will continue to drive the price back down. Support levels are trading around the $5.00 level, and the price seems to be going toward the nearby $4.50 level, with the bears still pushing prices lower. 

The following key support level is set at $4.0. If DOT keeps itself above the $4.00 support, the prices might recover and bounce back to immediate resistance at $5.30. 

According to price analysis, Polkadot is trading below its 100 EMA and 200 EMA, which might indicate another downturn in market momentum. Polkadot is also trending under its 200-day simple moving average (SMA), flashing the SELL signal since the start of 2022. The 50-day SMA indicator has also been signaling SELL for the past 33 days. 

The RSI also shows a downward trend but with a hint of a possible upward trajectory, signaling that the bulls might step in again to regain market control. In the eventuality of such a movement, DOT might climb back up to the $6.00 resistance level. On the other hand, lower price actions might force DOT to revisit the immediate  $4.00 support level. 

The MACD line for DOT is, however, over the red signal line and is likely to depart from its oversold area and attempt a price action recovery. 

Daily Simple Moving Average (SMA)

Daily Exponential Moving Average (EMA)

Weekly Simple Moving Average (SMA)

Weekly Exponential Moving Average (EMA)

Polkadot Price Prediction: Market Opinions 

Polkadot Price Forecast for December – January 

Longforecast 

Longforecast’s Polkadot price prediction for December 2022 sees the coin trading at a maximum price of $5.83, and a minimum price of $4.61. The platform also calculated a monthly average of $5.26, and a closing price of $5.14, a change for December –5.7%. 

The site also estimated that DOT will start January 2023 at $5.14, while also anticipating a maximum price of $5.89 and a minimum of $4.64. The average projected for the month was $5.17, while the closing price was established at $4.99, a change for January –2.9%. 

Cryptopredictions  

The forecast created by CryptoPredictions sees Polkadot closing the month at $4.132 and reaching a  maximum price of $7.058, with $4.799 being the minimum. 

According to CryptoPredictions, the opening DOT price for January 2023 would be $4.808, with a closing price of $6.727 for the month. The maximum projected DOT price by the site is $7.001, while the minimum price is $4.761. 

Polkadot Price Forecast for 2023 

Changelly’s  

Based on the analysis of Polkadot’s price movement from previous years, Changelly determined that the coin will hit a minimum price of around $8.02 in 2023, with a maximum value of $9.33, and an average trading price of $8.29. 

Coinpedia’s  

Coinpedia anticipates that DOT has the potential to reach a minimum price of $5.2321, an average price of $6.4583, and a closing price of $7.6845. 

Latest News about Polkadot 

The Polkadot team announced in a blog post published last month that their Asynchronous Backing update, the parachain’s first set of major optimizations, will hopefully be deployed by the end of the year.  

The upgrade is meant to decrease parachain block times to six seconds, span available block space to each block by a factor of 5-10, and enable parachain block reuse if they fail to make it onto the relay chain. 

Another effect of the update would imply the increase in the network’s capacity for transactions per second (TPS) to 100,000-1,000,000. 

Polkadot Price Prediction: Verdict 

Based on the data and trend sentiment, Polkadot’s price is expected to float around bearish values in the short term, but a positive rebound is probable if DOT breaks past the $4.50 support level. 

* The information in this article and the links provided are for general information purposes only and should not constitute any financial or investment advice. We advise you to do your own research or consult a professional before making financial decisions. Please acknowledge that we are not responsible for any loss caused by any information present on this website.