|

DOT price analysis: Where is Polkadot headed ahead of ETH Denver 2023

  • Polkadot ecosystem is gearing up for its BUIDLing summit in ETH Denver 2023 starting February 28. 
  • DOT price is currently in a short-term uptrend, bulls are targeting the $9 level. 
  • A decline below $6.45 will invalidate the bullish thesis for the altcoin.

Polkadot ecosystem is preparing for its summit at the ETH Denver 2023 event. DOT started its short-term uptrend on December 30, 2023 and bulls are targeting the $9 level for the altcoin. 

Also read: Does massive expenditure on crypto lobbying influence token prices? A look at Binance Coin and XRP

Polkadot gears up for BUIDLing summit at ETH Denver 2023

Polkadot is a network that enables blockchains to exchange messages and perform transactions without a trusted third-party. The DOT blockchain is gearing up for its lineup of events at ETH Denver 2023. Between February 28 and March 5, the Polkadot team has set a BUIDLing summit, conference program and community side events. 

The token’s team is preparing for a day full of talks and panels on all things Polkadot, featuring developers, and lead engineers in the ecosystem. 

DOT price is in an uptrend, targeting the $9 level

Polkadot’s native token DOT is in a short-term uptrend that started in January 2023. DOT price is in an ascending channel, where Polkadot’s native token recently tested the upper trendline as resistance at $7.74. 

DOT is changing hands at $6.94 and the trend remains bullish. The token is likely to rebound to the upper trendline and a break above $7.74 could trigger a run up to the $8.85 level, that represents a 23.6% Fibonacci Retracement. 

A continuation of DOT’s uptrend could push it to the $9 target. 

DOT/USDT price chart

DOT/USDT price chart 

A decline below the three Exponential Moving Averages (EMAs), the 50, 100 and 200-day represented in the chart above, could invalidate the bullish thesis. The downside target is the lower trendline of the ascending channel at $6.45. 

Relative Strength Index (RSI), the momentum oscillator currently reads 39.13 and it is heading towards the oversold territory. This implies there is room for further price rally in DOT, the token may be currently undervalued. 

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

More from Ekta Mourya
Share:

Editor's Picks

Pepe Price Forecast: PEPE signals trend reversal amid a short squeeze

Pepe price is up nearly 30% in the last 24 hours, outperforming most top cryptocurrencies and hinting at further upside potential. Derivatives data suggest a short squeeze of more than $2 million during the same period, forcing traders to buy back positions in the meme coin. The technical outlook for PEPE indicates an upside bias as bullish momentum strengthens.

Crypto Overview: Bitcoin tops $85,000 post-CLARITY Act failure – TAO and FET lead gains

Bitcoin price trades above $85,000 maintaining a constructive tone amid positive institutional inflows, Strategy’s first BTC purchase since August, and alternative regulatory expansions following the CLARITY Act's failure. AI tokens such as Bittensor (TAO) and FET have emerged as top performers over the last 24 hours.

Ripple and Stellar outlook: Momentum improves as bulls target further gains

Ripple (XRP) and Stellar (XLM) stabilize after extending their gains by nearly 9% at the start of the week. Improving momentum indicators support XRP and XLM bullish price action and hint at further rally. Meanwhile, traders should remain cautious as mixed derivatives data could limit upside as both tokens try to sustain their recent upswing.

Ethereum Price Forecast: ETH rallies above $2,700 as investors shrug off bearish sentiment

Ethereum climbed above $2,700 on Monday after investors defended the realized price level despite negative sentiment over the Clarity Act's failure and the Federal Reserve rate hike. After the Clarity Act failed to advance in the Senate, ETH dipped below $2,400 last week. But right below that price is the top altcoin's realized price, or average on-chain cost basis, at $2,310.

Bitcoin: BTC shrugs off CLARITY Act setback and hawkish Fed
Bitcoin (BTC) price action has remained resilient this week, trading above $78,000 at the time of writing on Friday, heading toward a key resistance zone. Institutional demand shows early signs of weakness, with spot Exchange Traded Funds (ETFs) on track for a second straight week of outflows, with over $420 million recorded through Thursday amid escalating Middle East tensions.