Polkadot, DOT could hit $17.94 in 2024
Polkadot’s price prediction for the most bearish scenario will value DOT at $5.75 in 2024.
Polkadot’s previous All Time High was on 4 November 2021 where DOT was priced at $54.98.
Polkadot’s price at the same time last week was $6.59. It has moved by 16.65 % in the past week and is currently at $7.19. Infact, in the past 24 hours, DOT has pumped by 0.28 %. There is a slight bullish sentiment in the crypto market. The long term sentiment, however, remains bullish and DOT could hit $37.19 in 2025.
The total circulating supply of Polkadot as of writing this article was $1361123461.36 and the marketcap of DOT remains at $9,792,658,412
DOT price prediction: Key highlights
1. Primary support and resistance levels
On the weekly timeframe, the lowest support level was revealed to be around $3.96, with the highest resistance level estimated at around the $11.91 mark.
2. Market sentiment
The overall market sentiment is seen to be slightly bearish in April 2024.
3. Predictive forecasts
Based on our AI/ML predictive models, the forecasted average price of DOT for the year 2032 is projected to be over $16.67, further soaring to over $25.77 in 2035.
Given below is a comprehensive weekly technical analysis of DOT, followed by the coming days of the month, upcoming months, and yearly forecast tables derived from our AI/ML-based predictive models:
DOT technical analysis: Altcoin to undergo a trend reversal?
The Polkadot price prediction for 2024 is largely influenced by its historical price actions and broader market dynamics, including investor activity and general sentiment within the cryptocurrency sector.
The review period for DOT began with its price testing the $6.63 resistance level early in April 2023. This level initially proved too strong for the bulls, and a rejection here led to a steady decline in the price.
By June, DOT had fallen below the support level of $5.26, reflecting a bearish dominance in the market. The bulls’ attempts to reverse the downtrend were short-lived. Furthermore, by October, DOT had declined to a new low at $3.96.
Mid-October marked a turning point for DOT as bullish forces began to strengthen, driving a significant price recovery. This rally saw DOT overcome several key resistance levels despite a minor setback in mid-November. The momentum continued unabated, and by the close of 2023, DOT aimed to touch the peak of $9.73—its highest resistance level for the year.
The new year brought a shift in market dynamics. January saw DOT’s price retract from its late 2023 highs, descending to stabilize just above the previously contested $6.63 level.
However, this retracement was followed by a renewed bullish wave starting in February, which once again lifted DOT to successfully touch the $9.73 level by March. Nevertheless, this rally could not be sustained, and a pronounced bearish movement took over, driving the price back down to $6.63 by April.
At the time of writing, DOT was trading at $6.64, a slight recovery from its recent low. According to CoinMarketCap, the token witnessed a 40% decline in prices over the past month alone. If the bears take over, DOT may plunge further to touch $5.26 within the next few weeks.
The asset has also been hovering really close to its all-time low (ATL). If the bears sustain the rally, DOT may fall below the lowest support level at $3.96 within the upcoming months to touch its ATL at $2.69 for the first time since 2020.
However, if the bulls manage to take over, DOT’s value is likely to surge higher, according to a recent analysis by AMBCrypto. In that case, it may touch $9.73 within a few weeks. Furthermore, if the bullish rally is sustained, DOT may even soar higher to claim the $11.91 mark, a significant level that has not been touched since 2022.
Despite the recent turmoil, the long-term future of this altcoin seems promising. Based on our AI/ML predictive models, the forecasted average price of DOT for the year 2032 is projected to be over $16.67. In the past, DOT had displayed a lot of potential. Hence, in case of major developmental changes that pull investors into the market, DOT may surge higher to touch $25.77 in 2035.
DOT's 2024 roadmap: Key indicators to watch and trade
At the onset of the analysis, the trading volume was significantly low. However, it began recovering by mid-October.
Although another dip in trading volume was noticed in January, it was not sustained. In addition, it spiked again in February. At the time of writing, DOT’s trading volume had plunged slightly from its highs, but it did not stoop to its previous lows.
As the analysis period commenced, the Bollinger Bands were quite contracted. However, the bands began expanding by December, pointing towards a volatile market.
During December and March, the price candles had gone beyond the upper band. This signified that the asset was overvalued.
By May, the price candles fell below the 20-day moving average (MA) and continued on this path until the early weeks of November when the candles surpassed the 20 MA line. At the time of writing, the price of candles had recently dipped below the 20 MA line. Moreover, DOT was undergoing the corrective pullback that led to its plunge below the 20 MA.
The Moving Average Convergence Divergence (MACD) line and signal line remained below the neutral line for most parts of 2023. After constant fluctuations, the MACD line went over the signal line in mid-October. While the MACD line managed to go above the neutral line during November, the signal line surpassed the neutral line in December.
After a constant ascent, the MACD line finally began to plunge in April. At press time, the MACD line (valued at 0.620) had deviated in a downward trajectory from the signal line (valued at 0.834).
Polkadot Price Prediction
Polkadot has had an eventful 2023. To simplify the latest DOT price prediction, we have divided up the prediction by short term Polkadot price prediction and long term Polkadot price prediction. As of writing this article, DOT had a trading volume of 182,456,837. Polkadot has gone down by -17.08% in the past 30 days.
According to our analysis in the short term, Polkadot price prediction for July 2024 shows the average price of DOT at 11.08 and the highest possible price for July 2024 would be $11.85.
Further, according to our analysis in the long term, Polkadot price prediction for November 2024 shows the average price of DOT at 13.66 and the highest possible price for November 2024 would be $14.62.
Polkadot price prediction 8 May 2024: Polkadot's price for 8 May 2024 according to our analysis should range between $6.77 to $7.79 and the average price of DOT should be around $7.28.
Polkadot price prediction 9 May 2024: Polkadot's price for 9 May 2024 according to our analysis should range between $6.76 to $7.78 and the average price of DOT should be around $7.27.
Polkadot price prediction 10 May 2024: Polkadot's price for 10 May 2024 according to our analysis should range between $6.81 to $7.83 and the average price of DOT should be around $7.32.
Polkadot price prediction 11 May 2024: Polkadot's price for 11 May 2024 according to our analysis should range between $6.94 to $7.98 and the average price of DOT should be around $7.46.
Polkadot price prediction 16 May 2024: Polkadot's price for 16 May 2024 according to our analysis should range between $7.59 to $8.73 and the average price of DOT should be around $8.16.
Polkadot price prediction 21 May 2024: Polkadot's price for 21 May 2024 according to our analysis should range between $8.48 to $9.76 and the average price of DOT should be around $9.12.
Polkadot price prediction 31 May 2024: Polkadot's price for 31 May 2024 according to our analysis should range between $10.92 to $12.57 and the average price of DOT should be around $11.75.
Polkadot price prediction June 2024: Polkadot's price for June 2024 according to our analysis should range between $9.70 to $11.16 and the average price of DOT should be around $10.43.
Polkadot price prediction July 2024: Polkadot's price for July 2024 according to our analysis should range between $10.30 to $11.85 and the average price of DOT should be around $11.08.
Polkadot price prediction August 2024: Polkadot's price for August 2024 according to our analysis should range between $10.90 to $12.54 and the average price of DOT should be around $11.72.
Polkadot price prediction September 2024: Polkadot's price for September 2024 according to our analysis should range between $11.50 to $13.23 and the average price of DOT should be around $12.37.
Polkadot price prediction October 2024: Polkadot's price for October 2024 according to our analysis should range between $12.10 to $13.93 and the average price of DOT should be around $13.01.
Polkadot price prediction November 2024: Polkadot's price for November 2024 according to our analysis should range between $12.70 to $14.62 and the average price of DOT should be around $13.66.
Polkadot price prediction December 2024: Polkadot's price for December 2024 according to our analysis should range between $13.30 to $15.31 and the average price of DOT should be around $14.30.
Polkadot's Long Term Price Prediction
Polkadot’s long term Price Prediction below is a look at DOT’s future prospect with regards to price. Polkadot was last seen at $7.19, with a market cap of $9,792,658,412 and trading volumes of $182,456,837. DOT’s price prediction is possible by analyzing historical price action, current developments and social sentiment from the community.
Polkadot price prediction 2024: Polkadot's price for 2024 according to our analysis should range between $11.96 to $17.94 and the average price of DOT should be around $14.95.
Polkadot price prediction 2025: Polkadot's price for 2025 according to our analysis should range between $24.79 to $37.19 and the average price of DOT should be around $30.99.
Polkadot price prediction 2026: Polkadot's price for 2026 according to our analysis should range between $51.41 to $77.11 and the average price of DOT should be around $64.26.
Polkadot price prediction 2027: Polkadot's price for 2027 according to our analysis should range between $106.59 to $159.88 and the average price of DOT should be around $133.23.
Polkadot price prediction 2028: Polkadot's price for 2028 according to our analysis should range between $220.99 to $331.48 and the average price of DOT should be around $276.24.
Polkadot price prediction 2029: Polkadot's price for 2029 according to our analysis should range between $458.18 to $687.27 and the average price of DOT should be around $572.73.
Polkadot price prediction 2030: Polkadot's price for 2030 according to our analysis should range between $949.96 to $1424.95 and the average price of DOT should be around $1187.46.
Polkadot price prediction 2031: Polkadot's price for 2031 according to our analysis should range between $1969.59 to $2954.39 and the average price of DOT should be around $2461.99.
Polkadot price prediction 2032: Polkadot's price for 2032 according to our analysis should range between $4083.62 to $6125.43 and the average price of DOT should be around $5104.52.
Polkadot price prediction 2033: Polkadot's price for 2033 according to our analysis should range between $8466.69 to $12700.04 and the average price of DOT should be around $10583.37.
Polkadot price prediction 2035: Polkadot's price for 2035 according to our analysis should range between $36395.83 to $54593.74 and the average price of DOT should be around $45494.78.
