DOT Cryptocurrency Price Analysis Indicates Potential for Over 100% Upside
- Polkadot 2.0 will increase transaction throughput.
- Closing above $8,60 is essential for a rally.
- Resistance at $12,62 is the next key target.
Parity Technologies, the lead developer of the Polkadot cryptocurrency, recently announced plans to launch Polkadot 2.0 in Q2025 XNUMX. This update is being met with great anticipation as it promises to significantly increase transaction throughput and solidify Polkadot’s position in the competitive blockchain market.
Industry experts point out that this new version could increase the adoption of the platform by decentralized application developers, placing it as a strong competitor among the main blockchain technologies in existence. According to analysts, improved processing capacity is one of the key points of this update.
Polkadot has recently made notable technical progress, as illustrated by its performance chart. A weekly close above the crucial resistance point of $8,60 was an important technical development, suggesting a potential new support base. Historically, similar situations have resulted in mixed results, but the significance of this new support point is unquestionable.
An example of this occurred in 2021, when a successful test of this resistance propelled the cryptocurrency to new all-time highs, highlighting the upside potential of these technical moments. However, earlier this year, an unsuccessful test resulted in a significant drop, with Polkadot hitting 2023 lows.
According to cryptocurrency analyst @ali_charts, a comparison chart has shown a pattern exhibited by Fantom cryptocurrency that indicates a bullish movement. This pattern suggests that the price of DOT cryptocurrency may approach the $22 zone.
No need to chase when plenty of solid projects are still under the radar! Take #polkadot $ DOT , for example—looking primed for a breakout! pic.twitter.com/uXXnRMkVW2
— Ali (@ali_charts) October 30, 2024
DOT Cryptocurrency Price Analysis Today
Polkadot price is attempting to settle above the USD 8,60 pivot level. DOT is now facing strong selling interest above the USD 10,00 level. The next major resistance is near the USD 15,00 level, above which the price could gain upward momentum. In this scenario, the price could rise to USD 22,70.
On the downside, an initial support now lies near the USD 8,60 level, followed by the next major support at USD 7,90.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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