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Polkadot rate (DOT) increases by 50% in a few days

Polkadot (DOT) is one of the cryptocurrencies that, due to its characteristics, could become one of Ethereum’s biggest competitors. If you want to know why this is the case and what course goals the Polkadot Prize could achieve, then you’ve come to the right place.

The Polkadot Course (DOT) is up 50% this week. At the time of publication, the DOT price is around $ 33.

Source: Coinmarketcap

Why Polkadot could be dangerous for Ethereum

Polkdatot is committed to interoperability. This means that it can link different blockchains together to take advantage of their best features. With the parachains connected to Polkadot, computing processes can be parallelized and thus many scalability problems can be solved much more efficiently than with other blockchains.

In addition, compared to other interoperable cross-chain projects, Polkadot can send all possible types of blockchain data between the chains.

Due to the strong scalability and interoperability, at least part of the smart contract development could shift to Polkadot or migrate from Ethereum. It will be exciting to see how Ethereum and Polkadot will interact and how the two projects will develop. A kind of merger would also be conceivable. Should the platform prevail, then the market capitalization and the DOT price could soon reach new highs.

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Polkadot price prediction: will the price rise to over USD 50 in 2021?

Since the low on July 20, 2021 ($ 11), the price of polkadot has tripled. The DOT price is currently at the 0.618 fib retracement level. If the weekly closing price is above the level or the DOT price validates the level as support, then the DOT price will probably approach the last all-time high (49.46 US dollars) in September. The long-term trend would then be bullish again. If that doesn’t happen, then the DOT price will probably consolidate a bit before the next upward movement begins.

Should the Polkadot price break above the last all-time high in the course of the year, then there would be no resistance for the time being. However, in this case the DOT price is likely to encounter resistance at the 1.61 fib retracement level and the external 2.61 fib retracement level (USD 71). There is strong support at $ 29, $ 25, and $ 19. This is where the external and normal fib retracement levels overlap.

DOT / USDT source: Tradingview

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All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general informational purposes only. Any action that the reader takes based on the information found on our website is entirely at your own risk.

Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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