Polkadot Price Prediction: DOT Shows Strength Amidst Sideways Market
As the crypto market remains relatively stagnant, Polkadot (DOT) stands out with a 4% increase to $5.39. Traders are shifting their focus to altcoins like Solana, Chainlink, and Polkadot while Bitcoin and Ethereum consolidate.
Polkadot Price Prediction: DOT May Experience a Temporary Drop
After consolidating for a few weeks, Polkadot broke above a descending trendline at $5.33. The rally extended to $5.51 but faced resistance. A trendline connecting recent highs indicates growing resistance, potentially leading traders to close their long positions. However, there is a chance that Polkadot could rebound from the first trendline and approach the next resistance zone between $5.8 and $6.
Polkadot Collaborates With Web3 Foundation for Real-World Assets
The Web3 Foundation has partnered with Centrifuge to tokenize a portion of its treasury into real-world assets on the Polkadot ecosystem. This collaboration aims to bring innovation and growth to the sector of tokenized real-world assets, which is projected to be worth $16 trillion by 2030. The Web3 Foundation will begin with a $1 million investment in tokenized US treasuries.
Hot Take: Polkadot’s Potential for Recovery and Growth
Despite the possibility of a short-term drop in price, Polkadot’s overall bullish market and historical December rally suggest potential for recovery. If Polkadot successfully retests the first trendline’s support and surpasses the resistance at $6, it could eventually reach new highs above $10.
Source: Coingape
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