Can KBW Event, Boost Polkadot Upward?

Dot crypto plummeted by 0.14% in market value and surged by 11.19% in trading volume in the last 24 hours, as per CoinMarketCap, a crypto data analysis website. Its market value is $5,233,245,394 and its trading volume is $77,259,018. There are currently 1,219,980,740 DOTs in circulation.

According to a recent update from Polkadot on Coinmarketcap, it’s being a part of the Korea Blockchain Week 2023, a major event for the blockchain industry in Seoul from September 4 to 8. The event features a talk by Bjorn Wagner, the CEO of Parity Technologies, who will share Polkadot’s vision for multichain adoption on September 6. It also includes a showcase and networking event by AngelHack and DeSpread with the Polkadot community, teams, and hackathon finalists on September 7. Additionally, there is a digital art gallery with installations by Polkadot, Beatport, and others, and more discussions to follow on September 7 and 8.

Technical Analysis in the 1-Day Timeframe

DOT crypto price showed a downward trend for the past six months, decreasing by 26.52% during this period and the price fell, making lower lows and highs. 

At the time of publication, the DOT crypto price had faced tremendous selling pressure and fell like an asteroid, and bearishness is displayed over the charts. The most important Fibo level 50.00% was breached by April 21st, 2023, and declining. Overall, the bears are strong and the price is unable to re-establish bulls control.

Therefore, DOT crypto price could resume its downward strength and reach the all-time low of $4.13, if it fails to maintain the current level it might fall beyond the ATL.

However, if the price sustains at the CMP level and ascends by breaking the opposing trendline, then it might hit the nearest target resistance levels of $4.668 and $5.078.

At the time of publishing, DOT crypto price is trading below the 20 and 50-day exponential moving averages, which are opposing the DOT crypto price trend. 

The MACD line, currently at 0.158, and the signal line, at 0.152, are positioned below the zero line, Both lines have intertwined and the gap is slim indicating consolidation in price as noticed in the MACD oscillator. The present value of the relative strength index (RSI) stands at 35.25 points, while the 14-day simple moving average (SMA) is positioned below the median line at 35.04 points. These indicators collectively suggest consolidation to bearish sentiments.

Conclusion

DOT crypto price prediction indicates the neutral to bearish sentiments and perspectives of investors and traders regarding the crypto in the daily time frame. Polkadot price action highlights a consolidation to a negative outlook at the time of publishing. Moreover, the most sought and reliable technical oscillators like RSI, EMA, and MACD suggest the continuation of neutrality over the daily time frame chart regarding the price.

Technical Levels:

• Support levels: The nearest support levels are all-time low of $4.13.
• Resistance levels: The nearest resistance levels are $4.668 and $5.078.

Disclaimer

In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

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