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DOT Price to Gain 70% If These Things Stay True?

  • Polkadot's native staking function boosts DOT's price.

  • This strategy allows the user to stake as little as 1 DOT while increasing accessibility and control.

19-Feb-2023 By: Sudeep Saxena
DOT Price to Gain 70

The price of DOT resumes its bull trend for an even greater upside potential as Polkadot's native staking function soars.

The on-chain pooling of staked DOT has been implemented by Polkadot, a direct rival of Ethereum, who also promotes native staking over centralised third-party methods. This tactic increases the user's accessibility and control while allowing them to stake as little as 1 DOT. As a result of this recent development, Polkadot's (DOT) price has increased significantly, and many tokens have been staked into the network.

Increase in Polkadot (DOT) Price?

A favourable trend can be seen in the most recent price analysis of Polkadot (DOT), as an increase in price was seen over the previous twenty-four hours. The recent positive trend that the market has been following for the past several hours has resulted in a sharp increase in price. A recent research by anonymous cryptocurrency specialist claims that Polkadot's native coin, DOT, is about to make a significant breakout with an upside potential of 30%.

Yet, he goes on to say that if the initial breakout is successfully breached, a price gain of 70% is possible. The price of DOT is still remains almost 87% below its all-time high valuation of $55 set back on November 4, 2021. The reduction of the time needed to unstack DOT tokens, which is currently clocking in at 28 days, is another important element preventing the cryptocurrency from experiencing a price surge. Due to the lengthier timeframe, many DOT holders are afraid to lock their holdings, but users will soon be able to unstake within seven days thanks to the new updated version, which is now being implemented on Polkadot's sibling chain Kusama.

Pricing Analysis for DOT

The bulls have remained in charge of the price chart even today, and the Polkadot price research for one day confirms an upward trend for the cryptocurrency pair. For those in the selling sector, the previous week proved to be quite lucrative. But, as long as the pair trades at or above this level, there is a significant likelihood that the buying pressure won't abate today. The next level of resistance in the cryptocurrency pair is around $7.39; if it is able to break through this level, it is probable that there will be further gains in the coming days. In a similar line, if there is a pullback from here, the level of $6.75 is anticipated to serve as support.

It should also be noted that the moving averages imply a "buy" at level 16 and a "sell" at level 1, respectively, according to DOT's technical analysis (TA) indicators at CoinGabbar, which also offer a strong purchasing opportunity. Currently, Polkadot (DOT) is trading at $7.3, an increase of 1% over the last hour compared to a gain of 19% over the previous seven days.

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