2020 is almost over. As we approach the end of the year, it is time to start thinking about your next moves regarding your crypto portfolio. The best traders in the world don’t just think about what’s currently in the market, but rather forecast which assets will explode in the future and position themselves accordingly. The question is, are you looking for the “next Bitcoin” and potentially become a millionaire?
In this article, we will discuss a coin with a huge upside and little downside, proven to be one of the top 10 cryptocurrencies, and could be outperforming all other altcoins over the next 12 months.
The Ethereum Killer….Polkadot!
Polkadot is a project that seeks to incentivize a global network of computers to operate a blockchain on top of which users can launch and operate their own blockchains. It is a next-generation blockchain designed to connect multiple specialized blockchains into one unified network.
It is very hard for any altcoin to knock off Ethereum at the moment, HOWEVER, if the ETH2.0 launches out badly, or does not correct the congestion problems on its network, then that certainly opens up the door for another project to step in, and become the go-to for smart contracts, or even DeFi. If that phenomenon DOES occur, Polkadot is a top competitor.
Why Polkadot?
For this specific coin, there’s a HUGE upside with not a lot of downside. If this coin (potentially) is to replace Ethereum, there is no telling of how high the price might go. However, even if Polkadot doesn’t end up replacing Ethereum, it still has shown high potential so far. In fact, this coin came out of nowhere all the way to establish itself between the Top 5 cryptocurrencies during its first week of being listed.
No other altcoin, other than Bitcoin Forks, has managed to accomplish such a move. The strength of Polkadot is that it is backward compatible with Ethereum, meaning it can do anything Ethereum can do, but Ethereum can’t do anything it can do, and unlike Ethereum, it has already whipped scalability, meaning it’s going to be fast and flexible.
Polkadot Technical Analysis
With a strong introduction to the markets on the 17th of August earlier this year at almost USD 2, the price of Polkadot spiked to reach the price of USD 6.8 followed by an adjustment in prices in the coming weeks.
Ever since September 21st, the price started to fluctuate between a strong support level of USD 3.8 and a strong resistance of approximately USD 4.8 (Fig.1)
Currently, the price of Polkadot is on an uptrend like all cryptocurrencies in the market. If prices manage to continue rising and breaking the resistance level of USD 4.8 for a significant while, the price is expected to boom before 2021 (Fig.2)
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Rudy Fares
