With the rise of Artificial Intelligence (AI) and machine learning algorithms, investors are now turning to these advanced technologies to help them predict the future price of cryptocurrencies, given the volatile nature of the crypto market.
Polkadot (DOT) is a relatively new cryptocurrency that has gained popularity in recent years as a decentralized platform that allows different blockchains to interact, enabling seamless transactions and communications between different networks.
With the ongoing developments on the Polkadot network and given that AI models that use machine learning algorithms to analyze large datasets can identify patterns to help predict future trends, Finbold has gathered a projection for the DOT price for the end of 2023.
According to data retrieved on February 28 from CoinCodex’s machine self-learning technology, Polkadot is predicted to trade at $17.39 on December 30, 2023, a 168.77% increase from its price at the time of publication.
Polkadot price analysis
By press time, Polkadot was trading at $6.47, recording daily losses of about 2.11%. On the weekly chart, DOT is down almost 11%.
Polkadot has support levels at $6.47, $6.36, and $6.21, with the latter level being the most important based on today’s traditional pivot point (P1), which has a value of $6.62. Moreover, the Polkadot resistance levels are at $6.73, $6.88, and $6.99, respectively.
Elsewhere, on the one-month gauges on TradingView for DOT are mixed. The summary is for ‘sell’ at 8, which results from oscillators pointing at ‘buy’ at 2, while moving averages are for ‘buy’ at 3.
Meanwhile, in terms of development, after releasing a roadmap on enhancing the platform’s scalability Polkadots network speed is projected to surge by between 100,000 and 1 million transactions per second which could be another factor to influence the assets price.
All in all, as more people start to invest in Polkadot, the need for accurate predictions of its future value becomes increasingly important and with the use of AI and machine learning algorithms to predict the future price of DOT is becoming increasingly popular among investors.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.