The interoperable blockchain Polkadot (DOT) is still a long way from reaching its all-time high, but its recent price decline may be linked in part to the general fall in the cryptocurrency market over the last few months.
DOT continues to make waves in the cryptocurrency space, maintaining high social dominance while other altcoins fade and its debut on some of Europe’s largest stock exchanges in the form of an ETP. As a result, many crypto traders are eager to see if the DeFi asset can once again return to previous highs in value.
It’s worth noting that CoinMarketCap’s crypto community thinks the asset will rise by 33.5% from its current price by May 31, 2022, based on 2,740 votes.
Historically, the crypto community has forecasted DOT prices with an accuracy rate of 63%, and the price projection is based on the average of the previous six estimates. Their most recent prediction for March was 80.78% accurate during a time when the market experienced a period of relative stability.
Meanwhile, the estimate for the end of June is $22.72 +$5.52 (+32.11%) to the current price and only marginally less than the forecast for May based on 1,535 votes.
Polkadot price analysis
Between January 24 and February 8, the price of DOT rose by 46%, resulting in a trading range spanning $15.83 to $23.15; since then, however, the digital asset has been trading in this range.
Crypto trading expert Michaël van de Poppe recently noted that DOT “needs to break $20 and then $27 seems next.”
“Breaking through $20 and I assume bullish continuation is next. Otherwise targeting $15-$16 for some potential longs.”
Currently, Polkadot is trading at $17.11, up 0.39% in the last 24 hours and down 11.65% across the previous week, according to CoinMarketCap data.
As things stand, the DeFi asset has a total market cap of $16.8 billion and is ranked fourteenth by overall market worth.
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