DOT hit a new all-time excessive of $53.04 on 2 November
The coin is more than 1,800% up because it traded at $2.70 on 20 August 2020
Polkadot at present trades above $52 in opposition to the US greenback, up by 15% prior to now 24 hours and looking out prone to proceed in an upward trajectory.
After breaking above $50.00, Polkadot has established a new all-time excessive and it might proceed larger forward of its extremely anticipated parachains auctions launch.
The coin’s potential rally has seen revered crypto analyst Michael van de Poppe predict a run to $75. The analyst shared the chart beneath and famous that DOT is prone to hit the goal if bulls maintain essential ranges.
DOT/USD chart exhibiting potential price goal for Polkadot. Source: Michael van de Poppe on Twitter.
According to the analyst, Polkadot has a variety of momentum, with the hype round its parachains launch including to the upside potential. The technical image exhibits the cryptocurrency did retest the earlier ATH zone on the each day chart.
This ought to construct into an upside continuation sample that would see DOT surpass $75, van de Poppe added. There’s even an upside likelihood for bulls to focus on $115 on this bull cycle, he identified in a video analysis of the coin’s technical outlook.
DOT hits new all-time excessive
DOT hit a new all-time excessive of $53.04 on 2 November and has seen profit-taking offers pare among the gains. Despite this, DOT/USD stays bullish with over 60% gains in 30 days and over 1130% prior to now 12 months. Notably, Polkadot is about 1,825% larger since touching a low of $2.70 on 20 August 2020.
The seventh-ranked cryptocurrency has overtaken XRP by market cap. With DOT’s worth as of writing at $52.11, the crypto’s market cap stands at $54.5 billion. XRP however is buying and selling at $1.11 to see the Ripple coin’s market cap stand at $52 billion.
While the analyst thinks DOT price will rise within the brief time period, he has recognized key assist ranges across the $45-$43 space. He has additionally provided a chunk of recommendation to traders, urging new entrants to not FOMO however to get in on the low.
Alongside Polkadot, van de Poppe has singled out Cosmos (ATOM) as one other coin prepared to succeed in a new excessive. The twenty second ranked coin is buying and selling at $37.69 on the time of writing, about 15% down from its all-time excessive of $44.42 reached on 20 September 2021.