Ad

Polkadot (DOT) price prediction as Bitcoin eyes $36K resistance

By:
on Nov 5, 2023
Listen
  • Altcoins record solid recoveries as the crypto world records broad-based upticks.
  • Bitcoin has climbed above $35K again, targeting $36K resistance.
  • Polkadot’s positive developments amid bullish markets indicate potential DOT surges.

Follow Invezz on Telegram, Twitter, and Google News for instant updates >

The altcoin market presents impressive price increases as Bitcoin battles to close above $35K. BTC hovers at $35,110 as bulls continue to rule the cryptocurrency industry, pushing the overall value of all digital coins to $1.32 trillion at press time.

Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.

Amidst the bullish markets, Polkadot awaits crucial ecosystem developments, suggesting potential DOT price surges soon.

Polkadot’s bullish developments

Copy link to section

Polkadot developers have been working on improving their project. Messari report shows the crypto’s upcoming developments for the alternative coin. First and foremost, it highlights Polkadot 1.0 completion, a step toward welcoming Polkadot 2.0.

Also, On-chain indicators confirm potential upsurges for DOT. Staked Polkadot assets approach the 50% limit following a 12% quarter-over-quarter increase to 49%.

Nevertheless, daily active addresses have been plummeting, closing the first quarter at 6,900 and the second one at 5,800. Q3 saw the figure dipping further to 5,200. However, developer activity, which has remained elevated, has been vital for DOT’s price performance.

Indeed, Polkadot is among top multi-chain with the potential to witness increased demand amidst continued developments. Furthermore, DOT developers may be waiting to (timely) deliver bullish news as optimism dominates the crypto sector.

Polkadot price forecast

Copy link to section

DOT gained 2,81% within the past day to trade at $4.79 during this publication. The altcoin recorded impressive recoveries over the last ten days, soaring from 20 October lows of $3.6 as Bitcoin led market upsides. It gained around 15% in the previous week.

7-day chart on Coinmarketcap

Polkadot price would likely mirror Bitcoin’s movements. Thus, DOT could climb to new heights as BTC bulls target the resistance at $36K (again). Meanwhile, surpassing $4.82 has remained challenging since August end.

DOT bulls should dominate the support area at $4.74 to propel prices to $5.1. Further uptrends will take the alt to $5.42, opening the path to $5.8. Meanwhile, Polkadot enthusiasts should watch Bitcoin’s performance as they await optimistic developments from the project’s team.

Bitcoin Optimism Polkadot Altcoins Crypto Crypto business