Even though a relatively new addition to the cryptocurrency market, Polkadot with a ticker DOT managed to position itself as one of the top cryptos. Since September 2020, investors have been pouring funds into the Polkadot project that aims to bring decentralized Web 3.0 to the market with technology that can be compared to Ethereum. As Polkadot seems to be progressive in terms of improving interoperability and tackling the potential of decentralized finance (DeFi), the crypto is likely to get past its all-time high value of 42$. Can Polkadot reach 100$ target price by the end of 2021?
Can Polkadot Reach the Price of 100$ by the End of 2021?
Polkadot is currently trading at the value of 34$, down by -17% since reaching its all-time high price of 42$. DOT made a new ATH on February 20th, however, the crypto had a pullback since reaching a record price. At the moment, DOT is trading down by slightly over -1% for the day with a positive monthly chart with 24% of gains. The yearly chart is not formed yet, but it is evident that DOT is rising 0.6% for the day against Bitcoin. Polkadot has a major chance to acquire a bullish pace after a potential retraction that could take DOT to the support level of 30$. Once a trend reversal occurs, DOT may head back to 40$ where it may create new support levels to attempt to reach 50$. March is seeing bearish trends, however, March is known to have brought dips before to the crypto market as recorded in historical data, so DOT is not alone when it comes to dips and lows. The price of 100$ is more than realistic for the end of the year in case DOT acquires the same or similar pace of growth as recorded in February 2020. DOT is still a young project and it may take some time to prove its value to investors.
Image credits: Cover photo taken from en.bitcoinwiki.org
