Polkadot Turns Green Amid Market Recovery, This Factor Can Ignite New $DOT Rally

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Polkadot Price Analysis
IMG Source: Polkadot.network

Polkadot (DOT) is among the high flyers in the crypto market today, as the digital currency rode on the back of the ongoing recovery to par off its losses for the past week. At present, Polkadot is up 4.39% to $33.38, its highest price point in the trailing 7-days period. 

Polkadot to USD Chart. Source: CoinMarketCap

Polkadot has been sitting on the sidelines amongst the emerging decentralized and smart contract-backed blockchain protocol whose price actions have made headlines in the past few months.

Trading at about 33.10% from its All-Time High (ATH) according to data from CoinMarketCap, Polkadot’s bulls are notably refusing to bet on the coin as they are no longer paying attention to the assertions that the protocol will notably stump Ethereum’s dominance. In the past year, other unique blockchain protocols have emerged, and their ecosystem growth has somewhat placed Polkadot on the rails.

Hope for Polkadot Bulls: Leveraging on the Ongoing NFT Boost 

Despite the slow growth of Polkadot in the past weeks, there is no doubt that the underlying technology powering the digital currency has enough capacity for growth. While the Polkadot protocol got a good head start when its mainnet was launched, the massive price rejuvenation can be re-introduced should ecosystems hinging on Decentralized Play-to-Earn games and Non-Fungible Tokens (NFTs) emerge.

The primary reason for the growth of Solana, for instance, is the rapid proliferation of various NFTs on the blockchain network. Should a similar ecosystem growth activity be experienced, coupled with ongoing Parachain activities, Polkadot might receive a new lease of life with its native token coming off as the biggest beneficiary.

Here is the Most Realistic Price Target for DOT

With an ATH of $49.69, retesting this price point is very ambitious for the cryptocurrency, seeing the imbalance in the broader market amid tightening regulatory scrutiny. However, when compared with its related tokens, DOT is deemed undervalued, a move that suggests more bullish price targets are ideal for the digital currency. 

While the road to a $100 price mark may seem above the board, a consistent demand in DOT to power potential NFT minting and other related events can effectively push the price to a new high of $70 before year-end. For this price target to be breached, DOT bulls will need to beat and sustain the major resistance set at $50, about its previous ATH.

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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