2020 is almost over. As we near the end of the year, it is time to start thinking about your next steps in relation to your crypto portfolio. The best traders in the world not only think about current market events, but also predict which assets will explode in the future and position themselves accordingly. The question is, are you looking for the “next bitcoin” and possibly becoming a millionaire?
In this article, we’re going to discuss a coin with a big advantage and a small disadvantage that has proven to be one of the top 10 cryptocurrencies and could outperform all other altcoins in the next 12 months.
The Ethereum Killer …. Polkadot!
Speckle is a project that aims to create an incentive for a global network of computers to run a blockchain on which users can start and run their own blockchains. It is a next-generation blockchain designed to connect multiple specialized blockchains into a unified network.
It is very difficult for any Altcoin to demolish Ethereum at the moment, BUT when the ETH2.0 starts badly or does not fix the congestion problems in his network, then this certainly opens the door for another project that intervenes and becomes the contact point for smart contracts or even DeFi. When this phenomenon occurs, polkadot is a top competitor.
There is a HUGE advantage to this particular coin with not much disadvantage. If this coin is to (potentially) replace Ethereum, there is no telling how much the price could be. But even if Polkadot doesn’t replace Ethereum, it has still shown great potential so far. In fact, this coin came out of nowhere to establish itself among the top 5 cryptocurrencies in the first week of its listing.
No other altcoin except Bitcoin Forks has made such a move. The strength of Polkadot is that it is backwards compatible with Ethereum, which means it can do everything Ethereum can, but Ethereum cannot do anything it can, and unlike Ethereum, it has already improved scalability, which means that it is quick and flexible.
Technical analysis of Polkadot
With a strong launch on August 17th this year at nearly $ 2, the price of Polkadot rose to the $ 6.8 price, followed by a price adjustment in the coming weeks.
Since September 21st, the price began to float between a strong support level of $ 3.8 and a strong resistance of around $ 4.8 (Fig 1)
Fig.1 DOT / USDT 1-day chart since listing – TradingView
Currently, like all cryptocurrencies in the market, the price of Polkadot is on an upward trend. If prices manage to climb further and break the $ 4.8 resistance level for a substantial amount of time, the price is likely to boom before 2021 (Fig 2)
Fig 2 DOT / USDT 1 Hour Up Trend Chart – TradingView
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