When Will PolkaDot Reach a Price Target of $20?

Vinod Dsouza
polkadot dot
Source: The Coin Republic

The leading parachain-based cryptocurrency PoklaDot is currently trading at a price range of $10 on Tuesday. DOT reached double digits in the charts after a long hiatus since May 2022. The cryptocurrency attracted heavy bullish sentiments this month after Bitcoin climbed above the $70,000 mark. Bitcoin’s stellar performance is pushing PolkaDot’s price up leading it to deliver decent profits to investors.

Also Read: Cryptocurrency: 3 Coins Trading in Cents Set To Reach $1

Now that PolkaDot remains in the green and touched double digits in the indices, will it double in price next? In this article, we will highlight what are the prospects of DOT reaching the $20 range in the coming weeks.

PolkaDot: When Will DOT Hit $20 Next?

polkadot dot
Source: Twitter

Leading on-chain metrics and price prediction firm CoinCodex predicts that PolkaDot could skyrocket this month in March 2024. According to the price prediction, DOT has a good chance of doubling in price and reaching the $20 mark. The forecast estimates that DOT’s price could spike 100% by the end of the month and touch a new yearly high of $20.

Also Read: Cryptocurrency: Why XRP Failed To Rally In the Charts?

Therefore, an investment of $10,000 could turn into $20,000 this month if the prediction turns out accurate. DOT is experiencing volatility giving day-traders ample time to book profits. The day’s highs and lows are more than $2, giving them a chance to initiate better returns.

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In addition, the Daily Simple Moving Average (SMA), Daily Exponential Moving Average (EMA), Weekly Simple Moving Average (SMA), and Weekly Exponential Moving Average (EMA) all point toward a ‘buy’ call for PolkaDot. This puts DOT’s price on a pedestal as the cryptocurrency could deliver good returns this month during the bull run.

At press time, PolkaDot was trading at $10.53 and is up down 1.5% in the 24-hours day trade. However, DOT is down close to 81% from its all-time high of $54.98, which it reached in November 2021.