Based on 2,740 votes, the crypto community at CoinMarketCap believes the Polkadot will increase 33.5 percent from its current price by May 31, 2022.
Polkadot (DOT), an interoperable blockchain, is still far from its all-time high, but its recent price drop could be linked to the broader slump in the cryptocurrency market over the previous several months.
DOT continues to create headlines in the cryptocurrency space, retaining strong social dominance while other cryptocurrencies fade, and making its debut in the form of an ETP on some of Europe’s top stock exchanges. As a result, many crypto traders are interested in seeing if the DeFi asset will reclaim its earlier highs.
The crypto community has historically predicted DOT prices with a 63 percent accuracy rate, and the price projection is based on an average of the previous six projections.During a time when the market was very stable, their most recent March forecast was 80.78 percent accurate.
Meanwhile, the projection for the end of June is $22.72 + 5.52 (+32.11 percent) higher than the current price and just slightly lower than the 1,535-vote forecast for May. Between January 24 and February 8, the price of DOT increased by 46 percent, resulting in a trading range of $15.83 to $23.15; however, the digital asset has remained in this range since then.
DOT “needs to break $20 and then $27 seems next,” according to crypto trading specialist Michal van de Poppe.
The DeFi asset now has a total market cap of $16.8 billion and is ranked fourteenth in terms of overall market value.
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