The DOT/USDT pair has surged this Monday, after a while trading sideways. The boost in Polkadot’s price comes from the approval of a new parachain registration and crowdlending procedure as part of the project’s overall rebranding process,
The Polkadot team sent out a tweet stating that the Polkadot Council has passed the motion to enable parachain registration and crowd-loans. If the public referendum passes, parachain teams could get their crowd-loans running from as early as Thursday 4 November.
The DOT/USDT pair surged on the update, boosting bullish Polkadot price predictions. The DOT/USDT pair has notched gains of 12.58% as of writing.
Polkadot Price Prediction
The surge has taken the DOT/USDT pair to an intraday high at 49.00, just short of new all-time highs. The price to beat is 49.78. A break of this record high could bring in new targets at 52.30 (100% Fibonacci extension) and 59.81, with 63.74 (141.4% Fibonacci extension) also coming into the picture if the advance is extensive.
On the flip side, rejection at 49.75 could announce a pullback, targeting 39.85 as the immediate downside target. If the bulls fail to defend this support, a decline towards 38.28 and potentially 32.04 could follow, thus deepening the correction. 24.72 and 21.74 only become available of the 200-day moving average gives way.