Bitcoin price is once again above $35,000, and altcoin investors are seeing price increases. The cumulative value of cryptocurrencies is back above the $1.3 trillion threshold and aiming for the $1.5 trillion resistance. As for DOT Coin, we are on the verge of a major development. So, should DOT Coin be bought before the big news?
Polkadot 2.0
According to data compiled by Messari, Polkadot is focusing on its long-term goals by making significant developments in the third quarter of 2023. The report highlights several important developments, including the completion of technical reviews. The completion of the technical review also means the successful completion of Polkadot 1.0.
This indicates that Polkadot 2.0 is approaching. On the other hand, there have been some important developments in the on-chain front that fuel optimism about the price of DOT Coin. The percentage of staked DOT Coin has increased by 12% compared to the previous quarter, approaching the 50% limit.
The number of daily active addresses has been decreasing from quarter to quarter, with 6,900 at the end of the first quarter. By the end of the second quarter, this number had dropped to 5,800, and in the third quarter, it further decreased to 5,200. However, when we look at the developer activity, which is important for long-term performance, the increase continues.
In the multi-chain world, Polkadot plays an important role, and demand for the network may increase with technical developments. As positive sentiment in cryptocurrencies continues to rise, the Polkadot team seems to be waiting to deliver good news at the right time.
DOT Coin Predictions
At the time of writing, Polkadot (DOT) is trading at $4.79 on the Binance exchange. DOT Coin, which hit a low of $3.6 on October 20, has entered a rapid recovery process along with BTC. As the king cryptocurrency aims for the $36,000 resistance again, the price of DOT Coin may also see new highs.
On the daily chart, the V-shaped recovery seems likely to continue up to $5.1 if allowed by BTC. To sustain the price increase, bulls need to solidify $4.74 as support. The notable region on the weekly chart is $4.82, which has become a challenging target by the end of August.
If we see closures above this level, $5.42 and $5.8 levels can also be tested. To reverse the downtrend, the 7 and 7.9 regions need to be permanently overcome.
Disclaimer: The information in this article does not constitute investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and should conduct their own research before making transactions.
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