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Polkadot Price Prediction 2024: DOT Price Analysis

Last Updated July 4, 2024 10:29 AM
Giuseppe Ciccomascolo
Last Updated July 4, 2024 10:29 AM

Key Takeaways

  • The Polkadot blockchain and its DOT coin suffered during the second quarter of 2023, with most of its key metrics down. 
  • The platform has announced that it was starting work on its next stage of development, known as Polkadot 2.0.
  • Polkadot has not said what this upgrade will involve, but the platform announced new partnerships in June 2024.
  • One price prediction says it may reach $54.53 next year.

Polkadot has gone through a tough few months. Although the United States Securities and Exchange Commission (SEC) does not consider it to be an unregistered security, it was hit badly by the news that the SEC was suing the Binance and Coinbase crypto exchanges.

However, there has been some encouraging news since then. The network, which allows people to create their blockchains, announced  that Polkadot 1.0 was completed and the stage was set for Polkadot 2.0.

The news was tempered somewhat by the fact that it was not made entirely clear what Polkadot 2.0 would involve. The blockchain’s co-founder, Gavin Wood, suggested  that it might involve allowing people to pay for the time they used, rather than the technology they were using itself. 

In October, Wood’s Web3 Foundation announced  that it was to invest 20 million Swiss Francs and five million DOT into Polkadot’s development community.

In January , Polkadot unlocked 26 million DOT.

Meanwhile, in June, Polkadot announced partnerships with the Heroic  esports platform and the Polimec  funding protocol.

Polkadot did not respond to a request for comment.

On July 4, 2024, DOT was worth about $6.35.

Let’s take a look at our own Polkadot price predictions, made on July 4 2024. We’ll also examine the Polkadot price history, and take a look at what Polkadot is and how it works. 

Polkadot Price Prediction

Let’s examine some of the Polkadot price predictions CCN.com made on July 4, 2024. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate.

Minimum DOT Price Prediction Average DOT Price Prediction Maximum DOT Price Prediction
2024 $5.18 $12.48 $12.84
2025 $12.54 $14.67 $15.04
2030 $39.41 $41.69 $43.78

Polkadot Price Prediction for 2024

If the positive momentum continues and DOT breaks above its moving averages, it could reach targets between $5.18 and $12.84 by the end of 2024, with the average price set at $12.48.

Polkadot Price Prediction for 2025

Technical analysis suggests a potential increase for Polkadot in 2025. The minimum DOT price expected for 2025 is $12.54 while the maximum one is $15.04. On the other hand, the average forecast suggests it may reach $14.67.

Polkadot Price Prediction for 2030

Based on technical analysis, the DOT token may reach a maximum level of $43.78 at the beginning of the next decade, while, in the worst scenario, it may go to $39.41. Meanwhile, the average expected price is $41.69.

Polkadot Price Analysis

Polkadot technical analysis
Polkadot technical analysis. l Source: Giuseppe Fabio Ciccomascolo/InvestTech

Investors have gradually accepted lower prices to exit Polkadot, placing the currency in a medium-term downtrend channel. This falling trend indicates negative performance and declining buying interest among investors.

The token gave a negative signal by breaking down through the support at 6.48, forming a head and shoulders pattern. This suggests a potential further decline to 3.71 or lower.

Currently, the currency is approaching resistance at 6.40, which may trigger a negative reaction. However, a breakout above 6.40 would be a positive signal. Overall, Polkadot is assessed as technically negative for the medium to long term.

Short Term Polkadot Price Prediction

The Polkadot price prediction for the next 24 hours shows to rise by 228% and then accelerate to reach $19.37 by August 3, 2024. Technical indicators, however, show a Bearish sentiment, and the Fear & Greed Index is at 44 (Fear).

Over the past 30 days, Polkadot has had 14 out of 30 (47%) green days and a price volatility of 7.04%. Based on this forecast, it is currently not a good time to buy Polkadot.

Polkadot Fear & Greed Index

Fear and greed indicator
Fear and greed indicator. l Source: BitDegree

The Fear & Greed Index measures the market sentiment on a scale from 0 (Extreme Fear) to 100 (Extreme Greed). It aggregates factors such as volatility, market momentum/volume, social media activity, dominance, and trends to provide a sentiment overview. Extreme fear can suggest investors are overly worried, potentially presenting a buying opportunity, whereas extreme greed indicates excessive bullishness, often signaling an imminent market correction. On July 4, 2024, the Fear & Greed Index Measured 44, suggesting it’s in a fear zone, while the indicator for the wider crypto world is at 50, reflecting a Neutral view.

Polkadot Relative Strength Index (RSI)

Polkadot RSI
Polkadot RSI. l Source: Giuseppe Fabio Ciccomascolo/TradingView
The Relative Strength Index (RSI) is a momentum indicator traders use to determine whether an asset is overbought or oversold. Movements above and below the 50 line also indicate if the trend is bullish or bearish. On July 4, 2024, the Polkadot RSI was at 33, indicating a bearish sentiment and leaving it somewhat oversold.

Polkadot Price Performance Comparisons

Current Price One Year Ago Price Change
Polkadot $5.81 $5.2091 +6.6%
Cardano $0.3923 $0.2845 +33%
Polygon $0.5116 $0.6710 -28%
Chainlink $13.14 $6.3048 +101%

Polkadot Price History

Following that, let’s now take a look at some of the key dates in the Polkadot price history  . While past performance should never be taken as an indicator of future results, knowing what the coin has done can help give us some very useful context when it comes to either making or interpreting a Polkadot price prediction.

Polkadot price history
Polkadot price in 2023 and 2024. | Credit: CoinMarketCap

 

Time period Polkadot price
Last week (June 27, 2024) $5.9146
Last month (June 4, 2024) $6.9962
Three months ago (April 4, 2024) $8.4335
One year ago (July 4, 2023) $5.2091
Launch price (August 21, 2020) $2.8969
All-time high (November 5, 2021) $53.88
All-time low (August 21, 2020) $2.8969

Polkadot Market Cap

Polkadot market cap history
Polkadot market cap in 2023 and 2024. | Credit: CoinMarketCap

The market capitalization, or market cap, is the sum of the total number of DOT in circulation multiplied by its price. On July 4, 2024, Polkadot’s market cap was $8.35 billion, making it the 14th-largest crypto by that metric.

Who Owns the Most Polkadot (DOT)?

The anonymous wallet with the most DOT held 8.20% of the crypto’s supply on July 4, 2024.

Richest DOT Wallet Addresses

On July 4, 2024, the five wallets with the most Polkadot were

  • 16ZL8yLyXv3V3L3z9ofR1ovFLziyXaN1DPq4yffMAZ9czzBD. This wallet held 90,519,300 DOT, or 8.20% of the total supply.
  • 15j4dg5GzsL1bw2U2AWgeyAk6QTxq43V7ZPbXdAmbVLjvDCK. This wallet held 32,506,305 DOT, or 2.95% of the total supply.
  • 13Z7KjGnzdAdMre9cqRwTZHR6F2p36gqBsaNmQwwosiPz8JT. This wallet held 23,323,299 DOT, or 2.11% of the total supply.
  • 12xtAYsRUrmbniiWQqJtECiBQrMn8AypQcXhnQAc6RB6XkLW. This wallet holds 21,283,738 DOT, or 1.93% of the total supply.
  • 1743nDTMZisPgBCYSAgkUn1kVG7MePc9rvMEjoRNf4ipVkF. This wallet held 21,222,653 DOT, or 1.92% of the total supply.

Polkadot Supply and Distribution

Supply and distribution Figures
Total supply 1,437,953,431
Circulating Supply (on July 4, 2024) 1,437,953,431 (100% of total supply)
Holder distribution Top 10 holders own 20% of total supply as of July 4, 2024

From the Whitepaper

Polkadot has two pieces of technical documentation. It has a detailed one, or whitepaper , and it has a more accessible one, called a lightpaper . They both say that Polkadot is designed to allow data to be transferred between blockchains.

The lightpaper says: “By bringing together the best features from multiple specialized blockchains, Polkadot paves the way for new decentralized marketplaces to emerge, offering fairer ways to access services through a variety of apps and providers.”

Polkadot (DOT) Explained

If the blockchain is king in the world of crypto, then it pretty much makes sense that someone might want to build their blockchain. If a cryptocurrency has its blockchain, it means that it is a coin, not a token, giving it a bit more credibility in some investor’s eyes. Not only that but running a blockchain can give developers more control over their platform. 

Polkadot  is a platform that allows people to pretty much build their blockchains. The conveniently named Polkadot (DOT) coin supports the network.

How Polkadot Works

The Polkadot blockchain is, basically, two types of blockchains in one. The main chain is called the relay chain and transactions are permanent there. The other sort of chain are parachains, which are the networks set up by Polkadot’s users. 

Polkadot can handle more than one transaction at the same time. This means, at least in theory, that it is quicker and, by extension, cheaper, than some of its rivals. 

The blockchain uses a form of the Proof-of-Stake (PoS) consensus mechanism called Nominated Proof-of-Stake (NPoS) to secure the network and add blocks to the blockchain. In NPoS, people who hold DOT can stake the coin to add blocks, but they can also nominate other people to serve as validators.

There are three different sorts of DOT holders on the blockchain. Validators run the computers, or nodes, which help the system run. Nominators help nominate validators and get a portion of the DOT the node runners earn, while Collators monitor transactions on the parachains and report them to validators.

DOT holders can also vote on how Polkadot is run.  People can also buy, sell, and trade the coin on exchanges.

Is Polkadot a Good Investment?

It is difficult to tell. Although Polkadot 2.0 is undoubtedly exciting, that anticipation should be tempered by the fact that we don’t entirely know what it is going to look like. 

That said, DOT is one of the larger, more solid, crypto platforms out there, and it has managed to bounce back from adversity before. It has followed the market in an upturn over the last few weeks. 

The fact that it is not on the SEC’s list of potential crypto unregistered securities should also be considered a positive for the coin. 

Meanwhile, the news of the Web3 Foundation’s grants shows a commitment to the Polkadot development community.

On the other hand, its performance so far this year has been less than stellar. Investors may want to consider their options when deciding where to put their money. 

As ever with crypto, you will need to make sure you do your research before deciding whether or not to invest in DOT.

Will Polkadot go up or down?

No one can tell right now. While the Polkadot crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up. 

Should I invest in Polkadot?

Before you decide whether or not to invest in Polkadot, you will have to do your research, not only on DOT, but on other, related, coins and tokens such as Cosmos (ATOM) and Polygon (MATIC). Either way, you will also need to make sure that you never invest more money than you can afford to lose.

FAQs 

How many Polkadot are there?

As of July 4, 2024, there were 1.44 billion DOT in circulation, representing the total supply.

Will Polkadot reach $100?

It might do but, if it does, it won’t be for a while. Price predictions based on technical analysis expect it to reach a triple-figure value in the next decade.

Keep in mind that DOT has never reached $100 before, with its all-time high of $55 coming in early November 2021.

What is Polkadot used for?

The DOT coin is used to help secure the Polkadot blockchain, allow people to vote on proposals to the network and reward the system’s users. It can also be bought, sold, and traded on exchanges. 

Disclaimer

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about this information’s completeness, reliability and accuracy. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto user should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

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