Polkadot cryptocurrency has been in the limelight in the recent bull-run. However, the Polkadot coin turned bearish over the past few days. At the time of writing, Polkadot(DOT) was trading $34 apiece.
Polkadot cryptocurrency has taken a bearish downturn but the momentum can be only temporary as the market sentiment continues to be bullish. Of the total 26 technical indicators, ten stands at the neutral position, twelve at buy position while only four at sell position. The price level is skirting close to the Fibonacci pivot point which lies parallel to the price level of $29.
A trader had identified Polkadot cryptocurrency in an upward channel formation but the recent bearish momentum of the market caused it to break out from the formation to the downside. The break out is indicative of the bearish pressure on the cryptocurrency which can cause the price to fall to $33 or even lower.
Polkadot (DOT) Roadmap
Polkadot network has been undertaken an ambitious project to roll out a platform with scalability, innovation and security as its hallmark features. From Relay Chains in 2020 to Parachains in 2021, the coin has come a long way. The network started from launching the Proof of Authority, advancing to Nominated Proof of Stake, setting up a Council and Technical Committee for better governance and enabling balance transfers, Polkadot is now at the final stage of the big reveal: Parachain Rollout.
Once the Parachains are tried and tested on Kusama and Testnets, the Polkadot governance will begin the auction.
Even with the ambitious Parachain rollout, the development team is not taking a break anytime soon. Plenty of future upgrades are already in the works which may take the network to the next level. A Cross-chain message passing (XCMP) is next in line for upgrade followed by Parathreads which are similar to Parachains but do not require a leased slot.
Polkadot network has been anything but inactive. From increased institutional interest to the addition of decentralized finance on the network, read more about why 2021 is the perfect time to invest in Polkadot (DOT).
Polkadot coin price prediction
Even though the cryptocurrency has been in the limelight because of its performance and the team has ambitious goals for the network, a price level of $100 by the end of the year seems unlikely. Digital Coin Price and Trading Beasts, both, place Polkadot at a meagre $38 by the end of the year. Wallet Investor has the most optimistic prediction for the coin and projects a price level for Polkadot of $95 after a year.