Polkadot Price Prediction, will DOT’s price hit $10.40?
Polkadot’s price at the same time last week was $5.25. It has moved by 0.84% in the past week and is currently at $5.38. Infact, in the past 24 hours, DOT has pumped by 2.08%. There is a slight bearish sentiment in the crypto market. The long term sentiment, however, remains bullish and DOT could hit $16.44 in 2024.
The total circulating supply of Polkadot as of writing this article was $1239381711.83 and the marketcap of DOT remains at $6,654,614,359.
Disclaimer
For some coins with little to no data points and inexistent historical data the model by default will show a positive price prediction. There is no way for our AI bot to decipher whitepaper, tokenomics and team integrity. The coin's price that you are about to see below can fall drastically depending on many factors, so please invest wisely after checking the team and project's whitepaper. This current price prediction is done by a machine crunching numbers and the model is still in the early beta stages. It should strictly not be taken as an investment advice. Although the best engineers are currently tweaking and updating the algorithm, no human has verified the price predicted below, so please use your discretion and make a decision wisely.
About Polkadot
Polkadot: An overview
Created in 2016, the Gavin Wood-founded Polkadot (DOT) has indeed set the stage for a multichain interaction in the Web3 space. While interoperability is at the center of its ecosystem, Polkadot is a protocol that connects several blockchains.
At its core, Polkadot's vision is to create a bridge between the relatively siloed blockchains. In simple words, Polkadot is a "multi-chain network" that seeks to connect various blockchains into a unified network.
Polkadot was primarily formed with the vision to connect private, public, and permissionless networks, oracles, and the future technologies yet to be created. Polkadot aims to be an internet where independent blockchains can exchange information in a trustless way by harnessing the Polkadot ‘relay chain.’
On the other side of the coin, a parachain is an application-specific chain on the Polkadot network, validated by the validators of the Relay Chain. Because these chains run parallel to the Relay Chain, they are called parachains.
As Polkadot allows any kind of data to be transferred between any type of blockchain, it potentially unlocks a wide range of real-world use cases.
With no surprises, the project has garnered quite some attention from the crypto community over the last few years. Polkadot's Mainnet went live in 2020 while DOT has witnessed a topsy-turvy trajectory ever since.
DOT's journey
DOT is the native cryptocurrency of Polkadot's network. Its primary use cases lie in earning rewards through staking and governance. However, DOT is not used to pay transaction fees within the network.
DOT’s price action saw a four-month sideways track before finding an explosive break above the $5.8-$6.7 support range. While marking two bullish cycles in 2021, the altcoin’s price hit an ATH of $55 in early November.
Since then, however, the token has been consistently plunging to find fresher lows on its chart. Relative to its peer high market-cap alts, DOT took the hardest brunt of the extended bear market.
Let's dive deeper into its ecosystem developments to broaden our perspective and ultimately be in a better position to assess DOT's bullish prospects.
Gauging DOT's turnaround potential
- PARITY'S ink! 3.0 UPGRADE
The Polkadot network is built by Parity Technologies, a London-based software company.
Parity's ink! is used by developers in the Polkadot ecosystem to build efficient, high-performance Smart Contracts and decentralized applications for WASM (web assembly smart contracts) virtual machines. Such machines represent an alternative to Ethereum-based (Solidity) smart contract systems.
This upgrade tagged along new features for better cross-contract calls and performance. Thus, making it a lot easier for developers to write more complex logic. In essence, this has induced a conducive environment for the developers of Polkadot's ecosystem.
Also, it is worth taking note of the sharp increase in Polkadot's development activity, especially since July this year.
While the impact of this on the price action is still uncertain, DOT developers have visibly accelerated the in-network development when compared to another prominent layer 1’s.
- LIQUID STAKING
On 9 September, Moonbeam announced its plans to integrate and collaborate with Lido, the largest liquid staking derivatives protocol.
As per the announcement, this integration will introduce liquid staking to Moonriver and Moonbeam. Thus, providing the DOT holders an ability to stake their assets while accessing the liquidity of that staked position.
This integration could ultimately prove to be vital for growing Moonbeam's DeFI ecosystem and plausibly increase DOT's utility in the coming times.
- CROSS-CONSENSUS MESSAGE (XCM) FORMAT
XCM enables a pathway for communicating ideas between different consensus systems. To truly be interoperable, Polkadot would need a vehicle between various mechanisms. Simply put, it is a standard that allows protocol developers to define the data and origins that their chains can send and receive from.
At press time, XCM was still a work in progress. XCM v2 is already deployed on Polkadot while v3 is currently in development.
Successful execution of its latest versions can further drive more demand for its network in the coming months.
Polkadot (DOT) Price Analysis
After fixating a spot above the $5-$6 range in its 2021 bull run, DOT's exponential bull run slowed down in the $44-$55 range. Owing to the broader fallout and its relatively high correlation with bitcoin, the token's plunge shed a massive value over the last year.
DOT Weekly Chart
DOT witnessed its 10-month low as the decline plateaued at the $6.7-level.
In the meantime, the alt saw a descending channel on the weekly chart. The intertwining of the down channel’s lower edge and the horizontal support range puts the coin in a dicey situation.
During the decline phase, the basis line of the Bollinger Bands (BB) continued to constrict the buying efforts since December last year. Interestingly, the lower band and the upper band of the BB were looking towards each other, meaning the alt could see a low-volatility phase. This compression could likely occur in the $5.8-$8.4 range before a volatile break.
An eventual break above the basis line of BB would indicate a buying signal. This incline would signify a down-channel breakout and only reaffirm the buying edge. In this case, the potential targets would lie in the $11.8-$12.7 range.
However, an inability to find a close above the basis line amidst any unforeseen circumstances can propel a retest of the lower trendline of the down channel.
The Relative Strength Index (RSI) continued to depict a strong selling edge after struggling to break the bonds of the 38-resistance. The buyers should look for a breach of this level to assess the quantum of buying vigor.
Also, the CMF swayed below the zero-mark to reveal a favorable market for the sellers.
Should you consider buying DOT?
The crypto-market is heading into a phase where we are moving away from independent or siloed blockchains to a new dimension where the chains can communicate and exchange data amongst themselves. In expediting its efforts to make this possible, Polkadot could assume a favorable long-term position.
From a rather 2022 perspective, the alt still has to prove its mettle by breaking out of its reversal pattern. The buyers could look for the entry triggers and targets as discussed above.
Polkadot Price Prediction
Polkadot has had an eventful 2021. 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 $74,887,250. Polkadot has gone down by -5.16% in the past 30 days.
According to our analysis in the short term, Polkadot price prediction for August 2023 shows the average price of DOT at $7.61 and the highest possible price for August 2023 would be $8.14.
Further, according to our analysis in the long term, Polkadot price prediction for December 2023 shows the average price of DOT at $8.66 and the highest possible price for December 2023 would be $9.27.
Polkadot's Short Term Price Prediction
| Date | Avg Price | Lowest Price | Highest Price |
| 4 Jun 2023 | $5.33 | $4.96 | $5.71 |
| 5 Jun 2023 | $5.32 | $4.95 | $5.69 |
| 6 Jun 2023 | $5.32 | $4.95 | $5.70 |
| 7 Jun 2023 | $5.38 | $5.00 | $5.75 |
| 12 Jun 2023 | $5.77 | $5.37 | $6.18 |
| 17 Jun 2023 | $6.17 | $5.74 | $6.60 |
| 27 Jun 2023 | $6.91 | $6.43 | $7.39 |
| July 2023 | $7.35 | $6.83 | $7.86 |
| August 2023 | $7.61 | $7.08 | $8.14 |
| September 2023 | $7.87 | $7.32 | $8.43 |
| October 2023 | $8.14 | $7.57 | $8.71 |
| November 2023 | $8.40 | $7.81 | $8.99 |
| December 2023 | $8.66 | $8.06 | $9.27 |
Polkadot price prediction 4 Jun 2023: Polkadot’s price for 4 Jun 2023 according to our analysis should range between $4.96 to $5.71 and the average price of DOT should be around $5.33.
Polkadot price prediction 5 Jun 2023: Polkadot’s price for 5 Jun 2023 according to our analysis should range between $4.95 to $5.69 and the average price of DOT should be around $5.32.
Polkadot price prediction 6 Jun 2023: Polkadot’s price for 6 Jun 2023 according to our analysis should range between $4.95 to $5.70 and the average price of DOT should be around $5.32.
Polkadot price prediction 7 Jun 2023: Polkadot’s price for 7 Jun 2023 according to our analysis should range between $5.00 to $5.75 and the average price of DOT should be around $5.38.
Polkadot price prediction 12 Jun 2023: Polkadot’s price for 12 Jun 2023 according to our analysis should range between $5.37 to $6.18 and the average price of DOT should be around $5.77.
Polkadot price prediction 17 Jun 2023: Polkadot’s price for 17 Jun 2023 according to our analysis should range between $5.74 to $6.60 and the average price of DOT should be around $6.17.
Polkadot price prediction 27 Jun 2023: Polkadot’s price for 27 Jun 2023 according to our analysis should range between $6.43 to $7.39 and the average price of DOT should be around $6.91.
Polkadot price prediction July 2023: Polkadot’s price for July 2023 according to our analysis should range between $6.83 to $7.86 and the average price of DOT should be around $7.35.
Polkadot price prediction August 2023: Polkadot’s price for August 2023 according to our analysis should range between $7.08 to $8.14 and the average price of DOT should be around $7.61.
Polkadot price prediction September 2023: Polkadot’s price for September 2023 according to our analysis should range between $7.32 to $8.43 and the average price of DOT should be around $7.87.
Polkadot price prediction October 2023: Polkadot’s price for October 2023 according to our analysis should range between $7.57 to $8.71 and the average price of DOT should be around $8.14.
Polkadot price prediction November 2023: Polkadot’s price for November 2023 according to our analysis should range between $7.81 to $8.99 and the average price of DOT should be around $8.40.
Polkadot price prediction December 2023: Polkadot’s price for December 2023 according to our analysis should range between $8.06 to $9.27 and the average price of DOT should be around $8.66.
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 $5.38, with a market cap of $6,654,614,359 and trading volumes of $74,887,250. DOT’s price prediction is possible by analyzing historical price action, current developments and social sentiment from the community.
| Years | Avg Price | Lowest Price | Highest Price |
| 2023 | $8.66 | $6.93 | $10.40 |
| 2024 | $13.70 | $10.96 | $16.44 |
| 2025 | $17.80 | $14.24 | $21.37 |
| 2026 | $23.15 | $18.52 | $27.78 |
| 2027 | $30.09 | $24.07 | $36.11 |
| 2028 | $39.12 | $31.29 | $46.94 |
| 2029 | $50.85 | $40.68 | $61.02 |
| 2030 | $66.11 | $52.89 | $79.33 |
| 2031 | $85.94 | $68.75 | $103.13 |
| 2032 | $111.72 | $89.38 | $134.07 |
| 2033 | $145.24 | $116.19 | $174.29 |
| 2034 | $188.81 | $151.05 | $226.57 |
Polkadot price prediction 2023: Polkadot’s price for 2023 according to our analysis should range between $6.93 to $10.40 and the average price of DOT should be around $8.66.
Polkadot price prediction 2024: Polkadot’s price for 2024 according to our analysis should range between $10.96 to $16.44 and the average price of DOT should be around $13.70.
Polkadot price prediction 2025: Polkadot’s price for 2025 according to our analysis should range between $14.24 to $21.37 and the average price of DOT should be around $17.80.
Polkadot price prediction 2026: Polkadot’s price for 2026 according to our analysis should range between $18.52 to $27.78 and the average price of DOT should be around $23.15.
Polkadot price prediction 2027: Polkadot’s price for 2027 according to our analysis should range between $24.07 to $36.11 and the average price of DOT should be around $30.09.
Polkadot price prediction 2028: Polkadot’s price for 2028 according to our analysis should range between $31.29 to $46.94 and the average price of DOT should be around $39.12.
Polkadot price prediction 2029: Polkadot’s price for 2029 according to our analysis should range between $40.68 to $61.02 and the average price of DOT should be around $50.85.
Polkadot price prediction 2030: Polkadot’s price for 2030 according to our analysis should range between $52.89 to $79.33 and the average price of DOT should be around $66.11.
Polkadot price prediction 2031: Polkadot’s price for 2031 according to our analysis should range between $68.75 to $103.13 and the average price of DOT should be around $85.94.
Polkadot price prediction 2032: Polkadot’s price for 2032 according to our analysis should range between $89.38 to $134.07 and the average price of DOT should be around $111.72.
Polkadot price prediction 2033: Polkadot’s price for 2033 according to our analysis should range between $116.19 to $174.29 and the average price of DOT should be around $145.24.
Polkadot price prediction 2034: Polkadot’s price for 2034 according to our analysis should range between $151.05 to $226.57 and the average price of DOT should be around $188.81.
A Historical look at Polkadot, DOT’s price:
DOT/USD Pair
DOT/EUR Pair
FAQs about Polkadot
Polkadot’s current price is $5.38 and witnessed a 2.08% increase in the past 24 hours. DOT/BTC pair saw a 2.67% increase in the past 24 hours.
Investing in Polkadot, DOT will purely depend on your personal risk appetite. As you can see over the past 24 hours Polkadot’s price has witnessed a 2.08% increase and over the past 30 days Polkadot has decreased by -5.16%. So it all depends on if this investment will hit your trading goals.
According to our latest Polkadot Price prediction for 2023, DOT should vary between $10.40 and $6.93 Please keep in mind that the crypto market is very volatile and this Polkadot price prediction does not account for extreme wild swings in price.
As per the Polkadot price prediction undefined model above, DOT’s price for undefined should range between $undefined to $undefined with the average price for undefined being $undefined.
According to the Polkadot Price Prediction model above, DOT’s price in 2024 would be $13.70. This price would however would range from $16.44 and $10.96.
According to the Polkadot Price Prediction model above, DOT’s price in 2025 would be $17.80. This price would however would range from $21.37 and $14.24.
According to the Polkadot Price Prediction model above, DOT’s price in 2026 would be $23.15. This price would however would range from $27.78 and $18.52.
According to the Polkadot Price Prediction model above, DOT’s price in 2027 would be $30.09. This price would however would range from $36.11 and $24.07.
According to the Polkadot Price Prediction model above, DOT’s price in 2028 would be $39.12. This price would however would range from $46.94 and $31.29.
According to the Polkadot Price Prediction model above, DOT’s price in 2029 would be $50.85. This price would however would range from $61.02 and $40.68.
According to the Polkadot Price Prediction model above, DOT’s price in 2030 would be $66.11. This price would however would range from $79.33 and $52.89.
According to the Polkadot Price Prediction model above, DOT’s price in 2031 would be $85.94. This price would however would range from $103.13 and $68.75.
According to the Polkadot Price Prediction model above, DOT’s price in 2032 would be $111.72. This price would however would range from $134.07 and $89.38.
According to the Polkadot Price Prediction model above, DOT’s price in 2033 would be $145.24. This price would however would range from $174.29 and $116.19.
According to the Polkadot Price Prediction model above, DOT’s price in 2034 would be $188.81. This price would however would range from $226.57 and $151.05.
The highest price for Polkadot was recorded in 4th November 2021 during which DOT hit an All Time High of $54.98
The price of 1 Polkadot according to current market rate is $5.38
