DOT/USDT Analysis. 65$ Per DOT Very Possible

Cryptocurrency market is performing really well in the second half of the year. Bitcoin and some altcoins break all-time-highs, metaverses explode and Ethereum shows some great moves along its main rivals, mainly Polkadot.

Polkadot is Ethereum’s main rival as it was founded by Ethereum’s CTO Gavin Wood, who introduced the sharding mechanism, which is yet to be released on Ethereum, on Polkadot. Sharding helps a blockchain to run various transactions simultaneously without waiting for a block to be created on a main chain. This makes Polkadot a faster, cheaper and data-wise lighter blockchain alternative to Ethereum.

Polkadot is performing well, following its roadmap, the project announced in mid October that their parachain is ready to launch, with many projects already in a wait-list completing the integration. And according to the announcement on the official Polkadot website, auctions and parachains are launched. The initial announcement of the launch of Parachains on October 12, led to a massive 22% jump in a week. The successful launch and operation of these parachains on Polkadot could definitely support the surge of DOT, the coin might double in price.

To back my estimates and to ground my expectations, DOTUSD retested a major support on a 4-hour chart during another red-crypto-day on November 10.

The positioning of MACD and RSI indicators clearly show that DOTUSD should turn around and continue going upwards from this point. We are right now having a similar setup on RSI and MACD indicators as we had on September 21, 2021, see arrows on the chart. Hence after a small correction, Polkadot should continue upwards.

And if we apply the same price action of DOTUSD from September 21 to it’s recent ATH, Polkadot could reach $72 by the mid December. However there will be challenging resistances up ahead at $60 and $64. If DOTUSD announced successful operation of parachains, we might also witness a stronger upwards impulse, which will lead to a retest of this uptrend channel’s upper edge.

Indeed closing below the lower support will invalidate this analysis, however so far, since September, DOTUSD was following levels of this Pitchfork firmly.