The Polkadot price prediction points to a potential recovery if the project’s new decentralized network attracts some attention from the market. Currently, the price action on the Polkadot charts seems to favour a deeper correction before renewed traction sends the asset higher.
The KILT Protocol is a decentralized network for identity verification and features instruments from Polkadot and Kusama. This Thursday, the platform became fully decentralized after removing a Sudo Key module from the project’s blockchain structure. This move now hands overall decision-making processes to the KILT community.
Following the general decline in the crypto market on Wednesday, Thursday has brought an advance in the DOT/USDT pair on this news. The pair has advanced 3.4% as of writing but remains restricted by the resistance barrier at 49.75.
Unless the bulls can take out the barrier at 49.75, the rally could be another opportunity to sell at cheaper prices. This notion would favour a rejection at this resistance, targeting 45.75 initially before 39.83 would come into the picture as a continuation of the corrective move from the 21 July-4 November uptrend.
This outlook is negated if the price action breaks the 49.75 resistance. This scenario would see the recent highs at 55.11 become a potential new target. Above this level, new record highs are formed, with potential targets at 62.16 (127.2% Fibonacci extension) and 66.14 (141.4% Fibonacci extension).
Follow Eno on Twitter.
This post was last modified on Nov 11, 2021, 13:38 GMT 13:38