, which looks about to break out of a bull pennant, is probably aiming for a price threshold of $17, according to Ali Martinez.){kind=link}
Polkadot prices might soon see a rising trend after trading in the red territory for a long. According to Ali Martinez, Polkadot ($DOT) is likely aiming for $17 price point as it appears poised to break out of a bull pennant.
The level however, is quite aspirational given that the token is trading at $6.34, down 2.42% as compared to the same time last day. The token is also down 10% this week and 8% in the past 30 days.
Can Polkadot Find Optimistic Cues in Future?
The goal of the blockchain project Polkadot is to develop a foundation upon which other blockchain-based initiatives and apps can be developed. Arguably, it has emerged as one of the most fruitful initiatives aimed at enhancing the core technology behind decentralized apps (dApps).
However, there are several concerns that it won’t be able to reach its prior highs due to a significant decline in market trust, increased competition, and slower ecosystem expansion.
If the blockchain system is able to excel and overcome these barriers it is likely that the developments will provide $DOT a necessary rise in the future.
Also Read: Polkadot’s Q3 Treasury Balance Hits $153M As Marketing Expenses Plummet to $27M
Can Polkadot Regain Market Confidence?
The functioning of Polkadot aims at solving one of the biggest issues in the blockchain ecosystem. The three major barriers to the development of the blockchain technology that are listed by developers and industry experts are security, scalability, and decentralization.
In order to solve these problems, the Polkadot blockchain aims to remove the obstacles separating different blockchain ecosystems and enable intermediary-free connectivity between these networks.
The goal of the project is to remove bottlenecks and lay the groundwork for Web3 by facilitating the transmission of tokens and data across all blockchains.
After reaching a high of $55 in 2021, Polkadot (DOT) has been declining ever since.
But incase the ecosystem is able to maintain a strong market position while advancing in other measures, it will likely establish the trust that it has lost eversince.
$DOT Market Parameters: What Do They Say?
According to market technical indicators, the Fear & Greed Index or $DOT is currently at 75 (Greed), and the overall sentiment is currently bearish.
Over the previous 30 days, Polkadot saw 14 out of 30 (47%) green days and 5.84% price volatility. With nine technical analysis indicators indicating optimistic signs and nineteen indicating bearish signals, the overall Polkadot price prediction attitude is pessimistic.
An indicator that is widely used to determine if a cryptocurrency is overbought (above 70) or oversold (below 30) is the Relative Strength Index (RSI) momentum oscillator. The DOT market is currently in a neutral condition, as shown by the RSI figure of 42.55.
Also Read: Parity Tech Announces Polkadot 2.0 Will Be Ready By 2025 Q1, DOT Price Up By 3.37%