Polkadot Poised To Enter Top 5 If This Happens! $50 Milestone On The Cards By March?

The post Polkadot Poised To Enter Top 5 If This Happens! $50 Milestone On The Cards By March? appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

Polkadot price has been clutching onto crucial bottom zones since January last week. The healthy consolidation seems to be inevitable to initiate a new leg-up for the altcoin. Hence, traders need to open up the position themselves to take advantage of this positive upswing.    

Polkadot Has Kickstarted Its Recovery!   

DOT price experienced a steep fall of more than 44% between January 15th and January 23rd, producing a retest of the $17.01 support zone. Since then, the DOT price has tagged this foothold between $16 and $18 multiple times and strengthening above it. 

Tipping the huge buy orders in favour of bulls is the lightweight barrier present up to the $24.18 levels. The development concludes that the price could be due for a 200% upswing to reclaim $50. While the uptrend looks promising for the parachain king, a failure of holding the price above $20 would plummet the price to $15.05. Further breakdown of the support could lead to a retest of the demand zone from $11.37 to $13.25. 

Also Read: Dogecoin To Make A Crucial Levels, DOGE Price To Surge 20% If This Happens !

Top Reasons Why DOT Price Would Hit $50! 

A metric from Cryptoquant has revealed that DOT reserves on crypto exchanges have been depleting gradually since Jan 2021. However, the continued accumulation is likely to catalyze the price action in the near future. 

If Polkadot continues to rise up to $50 with swift accumulation, then its market cap will be more than $50 billion which is again more than Cardano. Hence, rapid accumulation is the need of the hour. Moreover, the TVL has shown a quick recovery as it is up by 12% reaching $1,371,361 at the press time. 

Collectively, the Polkadot price is one of the much-anticipated projects of the year which is likely to enter the top 5 by the year’s end. Currently, the altcoin is trading at $19.73 with 4.45% gains round the clock. If the upward trajectory continues then skyrocketing to $50 is inevitable by the end of March. 

Also Read: Litecoin’s Mimblewimble Upgrade Crumbles Bears! LTC Price Poised For $250k!