Polkadot worth prediction: DOT forward of ETHDenver 2023

• Polkadot joins the ETHDenver BUIDLing occasion on 28 February.
• DOT worth is down on Friday as broader markets fall following US PCE information.
• The technical outlook for DOT worth suggests bulls want to carry above $6.35 or bears may take management.

Polkadot will subsequent week be one of many spotlight initiatives on the ETHDenver 2023 summit.

Whereas the Web3 BUIDLathon occasion will see the biggest gathering of fans, builders and engineers within the broader Ethereum ecosystem, blockchain fans will little doubt be eager on the sharded blockchain protocol that’s Polkadot.

Polkadot’s announcement as we speak confirmed the ecosystem will be part of the ETHDenver 2023 BUIDLing summit beginning on 28 February. Aside from panel talks and a convention program, there shall be group facet occasions and interactive actions.

The occasion will run via March 5 and may very well be key to the DOT worth motion.

1/ It is lower than every week earlier than the Polkadot ecosystem joins #ETHDenver 2023.

🧵 Examine this thread for the newest information on the Polkadot #BUIDLing summit, convention program, and group facet occasions.

📅 Occasions dates: February 28 – March 5
🔗 To register: https://t.co/fOhV0Uk44v pic.twitter.com/xrDEieLPVf

— Polkadot (@Polkadot) February 24, 2023

Polkadot worth evaluation

DOT is buying and selling round $6.64, down about 6% prior to now 24 hours and solely 4% up prior to now week. The token has shaped a downtrend line because the flip adverse that started on 19 February when the DOT/USD pair hit a 30-day excessive round $7.74.

The technical breakdown from the resistance line of the ascending channel has DOT presently prone to free-falling, with the demand zone at $6.90 after which $6.71 gone on the 4-hour chart. If bulls fail to carry the world round $6.35, the value may plummet to the primary assist line at $6.00.

Polkadot worth evaluation 4-hour chart. Supply: TradingView

Worth can be beneath the 50 day Exponential Transferring Averages (EMA), which is now the quick resistance line. DOT can be simply off the 200-day EMA as seen within the 4-hour chart. 

A breakdown past this line may verify a bearish flip as steered by the sloping Relative Energy Index (RSI).

Whether or not this occurs throughout the ETHDenver summit or later could nonetheless rely upon the general market outlook, notably what Bitcoin worth does over the subsequent few days.