Just two days before the halving, the altcoin market was shaken up, and investors and traders worried about how the market would handle the anticipated halving. It has been five days since the halving, and some altcoins have hit home. One of them is Polkadot (DOT), which rightfully shot up by 5% since Monday morning and is trading at $7.38 at the time of writing on Tuesday at 4.30 PM IST. The token running on its native chain, NPoS, has a market cap of $10,596,361,428 and has been one of the mid-cap altcoins that have not been affected by the market’s volatility. The altcoin industry is expected to grow in the coming months, particularly as Bitcoin’s price dominance has declined after halving.
Over the last four years, there has been growth in the price of Polkadot, increasing by a solid 176% from its all-time low of $2. Today at 4:40 AM (IST), the coin reached a peak of $7.55, surpassing its competitors and experiencing only a 1.04% drop from the previous day’s value. Despite uncertainties, many investors look forward to a breakthrough in this resistance zone and want to understand Polkadot price prediction.
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For the first time since the start of the crypto bear market in 2022, the DOT price has risen above the weekly 50 Moving Average. The price of DOT is steadily making a move for a 79% increase, with the price targeting $15 in the weeks to follow. According to the crypto analyst’ World Of Charts, ‘ the DOT price has been showing signs of a pennant formation in the four-hour time frame.
Polkadot stands out as a leading altcoin due to its use in connecting networks as a fundamental layer zero metaprotocol widely known as the Parachains feature. The Polkadot ecosystem has expanded with projects leveraging its platform, such as Acala Network, Moonbeam and Kusama. These initiatives focus on De-Fi, stablecoins, and Ethereum compatibility, making them a real-world use-case.
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Amidst market fluctuations, Polkadot holders are also said to be diversifying their portfolios with promising projects that offer returns like Feezo, which could yield them profits due to the low volatility of DOT.
