Polkadot (DOT) Price Prediction and Analysis in March 2021
This Polkadot price prediction and analysis focuses on past price analysis of the coin, its developments, and market opinions for March 2021.
DOT is ranked #6 on CoinMarketCap, with a trading volume of $2,359,369,829, according to CMC figures. Currently, it has a market cap of $32,514,459,243 and a circulating supply of 919,048,563 DOT.
Polkadot has no maximum supply. Users can trade the coin in various mainstream exchanges, including Binance, Huobi Global, HBTC, BitZ, OKEx, and BiKi. Importantly, Polkadot is a unique crypto, based on its sharded multichain network. It can process several transactions on many chains in parallel processing.
Polkadot Price Prediction: Analysis
Recently, DOT price has been on an upward trend. The coin displaced XRP as the sixth-largest digital currency, according to CMC figures. On February 20, DOT reached its all-time high of $42.22.
However, since February 22, Polkadot’s price has dipped from $39.64 to $31.21 on March 4. During that period, the cryptocurrency recorded a drop of more than 21%. All the same, the coin managed to rise by more than 18% in one week between February 28 and March 4, pushing the price to above $36.
Polkadot saw $7 million inflows in the last week of February. Together with other leading crypto pairs, the coin has registered a significant improvement in its DOT/USD price.
The following are key support and resistance levels to keep your eyes on if you’re trading Polkadot, as calculated by Walletinvestor:
- Resistance Level (R3): 39.872;
- Resistance Level (R2): 38.904;
- Resistance Level (R1): 37.893;
- Pivot Point: 36.925;
- Support Level (S1): 35.914;
- Support Level (S2): 34.946;
- Support Level (S3): 33.935.
The Polkadot platform has witnessed a handful of developments recently. In the past week alone, the launch of parachains on the Polkadot project attracted IoT services. Once launched in the first quarter of 2021, this project will allow developers to explore the benefits arising from scalable multichain architecture.
At the same time, Parity Technologies is mulling the possibility of developing and proposing generic assets parachain known as Statemint on Polkadot. This development is one of the common-good chains that will allow on-chain governance of the two companies to grant parachain slots by referendum.
Common-good parachains offer core functionality that is vulnerable to the free-rider problem if left to the auction market forces. The new parachain aims to provide functionality for deploying assets in the Polkadot network to give users a better experience with lower fees.
Polkadot Price Prediction: Market Opinions
The following are the Polkadot price forecasts for March and beyond, as calculated by some of the most popular cryptocurrency price prediction sites.
Walletinvestor’s Polkadot price prediction is that it will rise from 36.286 USD to 89.923 USD this year. In the long-term, the DOT has earning potential of +147.82 in one year. Below is the DOT price prediction for the next two weeks of march 2021:
|Date||Price||Min Price||Max Price|
According to the Tradingbeasts, Polkadot’s price is expected to hit $31.598 by the beginning of next month (April 2021). The expected maximum price is $41.082, while the minimum price is $27.936. Polkadot may close this month at $32.866.
Gov.capital‘s price forecast is very optimistic, as it predicts that DOT will see significant gains, as shown in the chart below:
Considering its past and present performance, we can conclude that Polkadot is a good portfolio for crypto investment. However, investors need to be aware that while the bulls may be currently in charge of the market, they should not underestimate the power of the bears.
From the crypto market performances witnessed on February 2 and February 3, it can be seen that the bears are busy at work. At any time, they can suppress the crypto prices pushed up by the bulls. Cryptocurrency is a highly volatile market, and investors should only commit what they can afford to lose.
Otherwise, it’s an equally lucrative industry with high gains within the shortest time possible – sometimes within less than 24 hours. Even if this Polkadot price prediction is not equal to investment advice, it can help you make an informed decision.