Analyst predicts the exact bottom for Polkadot price, ahead of parachain launch event
- Analyst uses the weekly bullish order block to predict the exact bottom for Polkadot price.
- Proponents consider the parachain launch event on December 18 a catalyst with a positive impact on Polkadot price.
- Efinity, the cross-chain NFT platform, could be the winner of the fifth parachain slot on the Polkadot network.
- Polkadot, blue-chip crypto with long-term potential, could continue its uptrend as the broad risk sentiment flips to positive.
Polkadot price has posted 4.3% gains over the past 24 hours. Analysts have predicted the exact bottom for Polkadot ahead of the parachain launch event on December 18, 2021. The first five parachain slot winners will launch their projects in the Polkadot ecosystem in the event.
Polkadot could hit its exact bottom below $17
Cryptocurrency analysts at the YouTube channel “The Art of Crypto” evaluated the Polkadot price trend and predicted the exact bottom for the altcoin. The analyst has used the weekly “order block,” a forex strategy where the market behavior indicates order collection from financial institutions and banks, to predict Bitcoin and Ethereum bottom.
The pseudonymous analyst believes that Polkadot could hit its exact bottom in the order block from $17.7 to $11.45. The analyst says,
If we do get back there [below $17.7], then it is going to be the bottom period for Polkadot.
Proponents have noted that the launch event of the first five parachain slot winners on December 18 could be a positive catalyst for the altcoin’s price. Efinity, the cross-chain NFT platform, is currently close to winning the fifth slot auction. The results will be declared on December 16, 2021.
Dan Reecer, VP of Growth at Acala Network and Karura, recently supported Efinity on the fifth parachain slot auction.
Just supported @efinityio in the 5th @Polkadot parachain slot auction.
— Dan Reecer ️⚪️ (@danreecer_) December 12, 2021
Efinity, built by the @enjin team, is building Metaverse infrastructure for the Polkadot ecosystem.
The team is already mobile-enabled and has integrations with @Microsoft, @Samsung, & @Ubisoft.
The altcoin is considered blue-chip crypto, and analysts consider that Polkadot has long-term potential if it continues its uptrend.
@Hayess5178, a pseudonymous cryptocurrency analyst, is bullish on Polkadot. He recently tweeted:
DOT is up 13% from buying the dip on support. Pretty much bought the bottom of that dip. Not a mega gain but in these market conditions 13% is good.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
