- Analyst uses the weekly bullish order block to predict the exact bottom for Polkadot price.
- Proponents consider the parachain launch event on December 18 a catalyst with a positive impact on Polkadot price.
- Efinity, the cross-chain NFT platform, could be the winner of the fifth parachain slot on the Polkadot network.
- Polkadot, blue-chip crypto with long-term potential, could continue its uptrend as the broad risk sentiment flips to positive.
Polkadot price has posted 4.3% gains over the past 24 hours. Analysts have predicted the exact bottom for Polkadot ahead of the parachain launch event on December 18, 2021. The first five parachain slot winners will launch their projects in the Polkadot ecosystem in the event.
Polkadot could hit its exact bottom below $17
Cryptocurrency analysts at the YouTube channel “The Art of Crypto” evaluated the Polkadot price trend and predicted the exact bottom for the altcoin. The analyst has used the weekly “order block,” a forex strategy where the market behavior indicates order collection from financial institutions and banks, to predict Bitcoin and Ethereum bottom.
The pseudonymous analyst believes that Polkadot could hit its exact bottom in the order block from $17.7 to $11.45. The analyst says,
If we do get back there [below $17.7], then it is going to be the bottom period for Polkadot.
Proponents have noted that the launch event of the first five parachain slot winners on December 18 could be a positive catalyst for the altcoin’s price. Efinity, the cross-chain NFT platform, is currently close to winning the fifth slot auction. The results will be declared on December 16, 2021.
Dan Reecer, VP of Growth at Acala Network and Karura, recently supported Efinity on the fifth parachain slot auction.
Just supported @efinityio in the 5th @Polkadot parachain slot auction.
— Dan Reecer ️⚪️ (@danreecer_) December 12, 2021
Efinity, built by the @enjin team, is building Metaverse infrastructure for the Polkadot ecosystem.
The team is already mobile-enabled and has integrations with @Microsoft, @Samsung, & @Ubisoft.
The altcoin is considered blue-chip crypto, and analysts consider that Polkadot has long-term potential if it continues its uptrend.
@Hayess5178, a pseudonymous cryptocurrency analyst, is bullish on Polkadot. He recently tweeted:
DOT is up 13% from buying the dip on support. Pretty much bought the bottom of that dip. Not a mega gain but in these market conditions 13% is good.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin, Ethereum and XRP steady as China slaps 125% tariff on US, weekend sell-off looming?
The Cryptocurrency market shows stability at the time of writing on Friday, with Bitcoin (BTC) holding steady at $82,584, Ethereum (ETH) at $1,569, and Ripple (XRP) maintaining its position above $2.00.
Bitcoin Weekly Forecast: Market uncertainty lingers, Trump’s 90-day tariff pause sparks modest recovery
Bitcoin price extends recovery to around $82,500 on Friday after dumping to a new year-to-date low of $74,508 to start the week. Market uncertainty remains high, leading to a massive shakeout, with total liquidations hitting $2.18 billion across crypto markets.
Bitcoin, Ethereum, Dogecoin and Cardano stabilze – Why crypto is in limbo
Bitcoin, Ethereum, Dogecoin and Cardano stabilize on Friday as crypto market capitalization steadies around $2.69 trillion. Crypto traders are recovering from the swing in token prices and the Monday bloodbath.
Can FTX’s 186,000 unstaked SOL dampen Solana price breakout hopes?
Solana price edges higher and trades at $117.31 at the time of writing on Friday, marking a 3.4% increase from the $112.80 open. The smart contracts token corrected lower the previous day, following a sharp recovery to $120 induced by US President Donald Trump’s 90-day tariff pause on Wednesday.
Bitcoin Weekly Forecast: Market uncertainty lingers, Trump’s 90-day tariff pause sparks modest recovery
Bitcoin (BTC) price extends recovery to around $82,500 on Friday after dumping to a new year-to-date low of $74,508 to start the week. Market uncertainty remains high, leading to a massive shakeout, with total liquidations hitting $2.18 billion across crypto markets.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.