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Polkadot Price Prediction: DOT primed for 27% ascent

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  • Polkadot price formed a double bottom on the daily time frame and rallied 25% so far.
  • A continuation of this uptrend is likely to result in a 27% ascent from its current position.
  • The MRI also indicates that a buy signal is around the corner, adding a tailwind to the bullish thesis.

Polkadot price crumbled as it tested a crucial resistance level on September 14. This downswing seems to have formed a bottom and rallied exponentially on September 22, indicating that an upswing is on its way.

Polkadot price ready to climb higher

Polkadot price rose 53% between September 8 and September 14 as it encountered the 70.5% Fibonacci retracement level at $38.31. However, a brutal rejection here led to a swift sell-off that crashed DOT by 34% to form a double-bottom at $25.21.

Now, the Polkadot price is hovering above the 50% Fibonacci retracement level at $30.16. Moreover, the Momentum Reversal Indicator (MRI) signal flashed a yellow ‘up’ arrow, indicating that the next red daily candlestick will display a buy signal. 

Therefore, a resurgence of buyers is likely to push DOT to slice through the $34.93 resistance barrier and retest $38.31, constituting a 27% advance.

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In a bullish case, the Polkadot price could extend the run-up to $41.69.

DOT/USDT 1-day chart

DOT/USDT 1-day chart

While things seem to have improved for Polkadot price, a breakdown of the 50% Fibonacci retracement level at $30.16 will start to sow seeds of doubt into the minds of buyers.

If the investors continue to sell, DOT might revisit the $25.21 support floor. 

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A decisive daily close below this level will create a lower low,  invalidating the bullish thesis and triggering a crash to $22.23.

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Polkadot price to rally as Astar Network wins third parachain auction

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  • Astar Network won the third parachain slot auction with over 27,100 contributions. 
  • Polkadot reveals that the first five parachain winners will launch on December 17. 
  • Binance US announced Polkadot’s listing on its exchange platform today. 
  • Analysts have a bullish outlook on Polkadot price in the short-term, set price target at $50. 

Polkadot’s third parachain slot auction ended today, with Astar Network’s win. December 17 is a key milestone for Polkadot as that is when the first five parachains launch on the platform. 

Polkadot price awaits trigger, first five parachains to launch on December 17

The third parachain slot auction concluded today. 

Astar Network, a multi-chain Polkadot dApp hub, formerly known as Plasm network, won the parachain slot. The protocol has received 27,100 contributions. The Polkadot native dApp hub supports Ethereum, WebAssembly, dApp staking and layer-2 solutions. 

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December 17 is an important date for Polkadot holders as the first five parachain slot winners launch their project on the altcoin’s platform. Proponents expect the event to have a bullish impact on Polkadot price.

Binance, the world’s largest cryptocurrency exchange, listed Polkadot on its US platform. 

Polkadot network has attained ‘sharding’ or the existence of parallel blockchains in its network to increase speed and efficiency. This has fueled the altcoin’s adoption among users. Despite Polkadot’s rising adoption and popularity, proponents are of the opinion that the altcoin is unlikely to displace Ethereum as the number one altcoin. 

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Ethereum is unlikely to lose the scaling war in the long term. Brad Laurie, a cryptocurrency educator, believes that layer-2 platforms will interconnect. Metaverse protocols like Polkadot will bind blockchains in layer-1. 

A cryptocurrency analyst on “Huefin News” has set a bullish target of $50 for Polkadot price. The analyst expects a bullish divergence in the altcoin’s price, unlike the trend in the month of November 2021. 

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Binance.US Prepares to List Polkadot (DOT) Soon

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  • Binance.US prepares to list Polkadot (DOT) soon.
  • The listing will occur at 8:00 AM EST / 5:00 AM PST.
  • Right after the listing, traders can trade DOT/USD and DOT/USDT pairs.

Binance.US has just announced that it will soon list Polkadot (DOT) on its crypto platform today. As per what the announcement says, shortly after the listing, Binance.US will open a live trading section on DOT/USD and DOT/USDT pairs.

This will eulogize traders with an interactive and eye-catching trading experience while having immense exposure to Polkadot services. Timely, the listing event has been scheduled to occur flexibly at exactly 8:00 am EST / 5:00 am PST.

As the entire crypto world awaits the Polkadot listing, traders can deposit their DOT holdings in preparation for trading. You can solemnly do this by visiting the Binance.US platform with more follow-ups to cover the steps and deposit.

Additionally, without depriving traders of their withdrawal right, Binance.US has pledged that it will enable withdrawal right after the trading goes live. With no secret, it is worth mentioning that this listing implementation will be one of the best achievements that Polkadot has garnered so far.

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Also, as the news reaches the crypto market, clearly the Polkadot community and its supporters may be in a happy mood. Polkadot is a network of blockchains that interconnect other blockchains through the project’s main “relay chain” to provide cross-chain interoperability and communication service to everyone.

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Polkadot price finds stable support that may help DOT resume bull run

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  • Polkadot price finds buyers at a primary support zone.
  • A three-week correction cycle is complete and resumption of the bull market likely.
  • New all-time highs are in sight.

Polkadot price has a very healthy-looking weekly Ichimoku chart, showing significant support. Compared to its peers, Polkadot price faces limited downside risks.

Polkadot price bounces, a renewed push towards $70 likely

Polkadot price recently ended  a strong sell-off triggered by a powerful cycle in Gann analysis known as Gann’s ‘death cycle.’ The ‘death cycle’ is a seven-week (49 to 52 day) cycle that Gann warned could terminate any move that showed persistent price movement at a high slope. Additionally, a three-week correction after the ‘death cycle’ is the most common reversion period.

Polkadot is trading against the most powerful support level combination possible on its weekly chart. The 2021 Volume Point Of Control and the weekly Kijun-Sen share the $33.50 value area, which is exactly where Polkadot has bounced. To now confirm a resumption of the prior uptrend, Polkadot price will need to return to and close above the weekly Tenkan-Sen at $42.00.

The Relative Strength Index shows some initial support against the first oversold level in the bull market (50). If 50 holds, then a bottom may be in for Polkadot. Additionally, the Composite Index has generated hidden bullish divergence – a condition that is often a precursor to a resumption of a prior bull market. 

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DOT/USDT Weekly Ichimoku Chart

Downside pressure and risks remain for Polkadot price, however. If the $33.50 value area fails as support, the next support zone to watch is the top of the Cloud (Senkou Span A) at $29.50. Any daily or weekly close below $29.50 could trigger faster and deeper selling pressure because the Volume Profile becomes thinner, the lower price moves. In other words, the lower Polkadot price moves below $29.50, the faster and easier it is for it to make further declines.

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