Polkadot price to explode to $100 as parachain and crowdloan proposal passes

  • Polkadot price has been stuck under the $53.88 resistance level for five days.
  • A decisive close above this barrier will propel DOT into the price discovery phase again.
  • With the passing of referendum 42, parachains and crowdloans can start again.

Polkadot price saw a massive uptick in buying pressure on November 1, which pushed it into the price discovery mode for a brief period. However, this run-up was based on fumes, which has led to consolidation under a crucial resistance barrier. A breach of this level is likely to propel DOT to new highs.

Polkadot parachains and crowdloans to pave a new path

Polkadot Runtime has been upgraded to v9122 after the recent proposal on November 4. This implementation will allow the DOT developers to register on the parachains that will open the path to seek crowdloans.

Developers can seek loans via auction from DOT holders. However, the project warns users not to deposit their funds directly but go through a different channel.

Do not transfer any funds directly to a specific account that is associated with a loan or a team. Use the "Contribute" action to record the contribution on-chain using the crowdloan runtime module. When the fund is dissolved, after either the parachain lease expires or the loan ending without winning, the full value will be returned to your account by the runtime.

So far, 12 projects have already completed the crowdloan process, with nine yet to receive the funding.

Unlike Initial Dex Offering (IDO) or other methods, this development will pave the ways for projects and developers to raise capital by registering on the parachains. November 7 marks the fourth anniversary of the Polkadot codebase.

Polkadot first commit

Polkadot price ready to set new highs

Polkadot price rose roughly 30% after it saw a massive surge in buying pressure on November 1. This uptick, however, failed to follow through, leading to consolidation under the 100% Fibonacci extension level at $53.88. Therefore, DOT needs to flip this hurdle into a support barrier to confirm the start of an upswing.

Doing so will allow Polkadot price to rally to the next barrier at $71.43 after a 30% climb from the current position. While this run-up is bullish, it will indicate that the bulls are back. In some cases, the ascent could extend, allowing DOT to tag the $100 psychological level, coinciding with the 261.8% Fibonacci extension level.

DOT/USDT 1-day chart

DOT/USDT 1-day chart

While things are looking up for Polkadot price, a breakdown of the $48.33 support floor will indicate that the selling pressure has risen considerably and could mean that investors are booking profits. A daily close below this barrier will invalidate the bullish thesis and potentially trigger a 19% downswing to the demand zone ranging from $35.48 to $38.76.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Decentraland price not out of the woods yet, MANA bears prepare for 28% decline

Decentraland price could be headed for a further decline as MANA continues to drop toward the bearish target projected by a pessimistic chart pattern. The token is at risk of a 28% plunge.

More Decentraland news

Ethereum shifts away from ETH 2.0

Ethereum will be moving away from ETH 1.0 and ETH 2.0 as the protocol undergoes significant changes. Core developers on the network are referring to the stages on the blockchain as the “execution layer” and “consensus layer.”

More Ethereum news

Bitcoin finds buyers despite new six-month and 2022 lows, BTC relief rally on deck

Bitcoin price action on Monday was mainly in a full-blown bear attack, with a new 2022 and six-month lows hit. That all changed near the end of the NY equity market session when buyers poured in to rally Bitcoin higher to close in the green for the second day in a row.

More Bitcoin news

Binance Coin bulls may take over as BNB finds support at $350

Binance Coin price has fallen more than 31% since last Monday and over 51% from the all-time high. A deeper push lower is likely if the bulls fail to keep Binance Coin above its final support zone. New 2022 and seven-month lows are coming up.

More Binance Coin news

Bitcoin: BTC may capitulate to $30,000

Bitcoin price has dropped considerably over the last three weeks. The recent downswing has made things worse for BTC and hints that a steep correction could be on its way.

Read full analysis