In this idea, we gave a technical analysis and explained our prediction for Polkadot for 2021-2022.
DOT vs. USD.
The coin is trading very close to its all-time highs ($ 50 area), and we have many prerequisites to rewrite it.
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Soon, on November 11, auctions for parachains will begin. This means that coins will go out of circulation for 2 years, reducing the supply pressure, which is more likely to affect the price positively.
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If we take the chart and adapt it to the Elliott wave structure, we will see that Polkadot is missing the 5th wave, the target for which lies in the area of$ 70 (highlighted by a gray rectangle ). And these are the minimum targets because we can get growth stretching against the background of new auctions for parachains, and then even a price of $ 100 per coin will not be surprising.
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We are still moving in a trend (we are above the moving average with a period of 100, this is the blue line on the chart), so there is no need to worry about a trend change yet.
If you have just joined the cryptocurrency market, DOT is one of the few coins that has every chance to bring profit to its holders.