PolkaDot (DOT) is the first choice for investors who are in it for the long term. Investors who also make money through day-trading prefer PolkaDot due to its volatility. The coin allows users ample amount of time to decide when to ‘buy and sell’ as DOT swings both ways.
In November 2021, DOT shot up +20% in a span of two days and reached its all-time high (ATH) of $51. The spike in price can be attributed to the parachain registration motion, which was approved by the council.
Polkadot announced parachain update on October 13 2021, and since then the coin has displayed bullish sentiments. Since the mid-week of October, DOT began its upward swing reaching its ATH on November 2 of $51.49.
The demand for DOT has increased after the parachain approval and the coin has attracted heavy buying pressure. This in return has made its price propel and touch its ATH.
DOT Council Approved the Parachain Motion
The PolkaDot council approved the motion to enable parachain registration and crowd loans. The council revealed that they will be moving forward to a public referendum. The development was fact-paced and the parachains are ready to be launched on November 11.
The entire ordeal of announcement, approval and the launch date took place in less than a month. This shows that the PolkaDot council is committed to their work and towards the coin’s growth.
Also, the first batch of parachains auctions would last for five weeks. One auction would be held every week. The development would also allow developers to register parachains and seek funding for their projects.
PolkaDot Price November Price Prediction
DOT charts indicate that its bull run would last longer as it has formed an ascending parallel channel. The coin is expected to touch another new ATH of $55 in the coming days. Just days before the launch of Parachains, the coin might hover around the $62 mark in another ATH.
Also, after the parachain launch on November 13, PolkaDot is expected to see a surge in price and could possibly reach $80. Its lifetime highest ever. During the first week of November and up until the parachain launch, DOT is expected to attract heavy buying pressure.
Considering the crypto market is susceptible to not going according to plans, and if any untoward incident occurs in the DOT council before the launch of Parachain, the coin could see a slump in price. DOT could then fall below $35.
PolkaDot at the time of publishing was trading at $48.46 and is up +12.88% in the days trade. DOT is undoubtedly the coin to watch out for in November 2021.