DOT Price Prediction: DOT Down by 5% Amid Crypto Market Slump

Updated: 03 March 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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Polkadot (DOT) is a public sharded multichain protocol that links and secures multiple blockchains. The protocol facilitates the cross-chain transfer of any data or asset type, not just tokens, enabling blockchains to communicate.

The multichain solution is powered by its native coin, DOT, which provides three distinct functions. This includes bonding tokens to connect parachains, staking and network governance.

However, the coin has been in a downtrend for about a year. Could we see a rebound when the broader market fully recovers?

DOT Price Could Rebound With the Market

DOT remains in a downtrend, as the general crypto market slumps 4.11% in the last day. However, the movement currently alternates between bull and bear zones, and we may see a steady uptrend when it fully recovers. Could DOT rally with the market toward setting a new price mark?

The current price of DOT is $6.03, following a 5.67% downtrend in the last 24 hours. The digital asset has seen a slump of 14.8% in the last seven days and 3.6% in the last month.

These declines in value are also reflected in the technicals of the cryptocurrency, which show a bearish trend.

DOT had met resistance at the 78.6% Fibonacci retracement level of $7.40. Since then, the crypto asset has been on a downtrend, falling towards the 38.2% Fibonacci retracement of $5.85. However, this level can act as support for DOT.

At press time, DOT is trading below its 50-hour simple moving average (SMA) indicator at a short-term value of $6.17. Its 200-day SMA for the long-term prediction is $10.22, which is far above the current price action.

The asset’s moving average convergence and divergence (MACD) indicates a strong sell signal. However, the relative strength index (RSI) of 40.61 puts DOT in the underbought region. We may see the digital asset rebound if the broader crypto market fully recovers and rallies.

Encode Partners With Polkadot for Educate Series and Hackathon

Encode, a Web3 education community, recently announced a brand-new strategic and educational program in partnership with Polkadot.

This long-term campaign aims to provide educational programs to introduce Polkadot to individuals worldwide and assist them in beginning their Web3 adventure.

We're thrilled to announce the new round of Polkadot-dedicated programmes kicking off on 14th March! ?

Want to participate?
? Dive into our @encodeclub x @Polkadot Educate series and hackathon announcement to find out how.https://t.co/Uf2IgdrOy3

— Encode Club (@encodeclub) February 23, 2023

Polkadot Educate is a four-week program that begins on March 14. The workshop consists of eight sessions led by Web3 Foundation, parity, and parachain partners.

The Encode X Polkadot online hackathon begins on April 3 and will focus on expanding Polkadot. A one-on-one mentoring session takes place over the hackathon’s four-week duration.

Two Other Crypto Assets to Consider for Investment

In addition to DOT’s growth prospects, we believe several other altcoins can also be snapped up for explosive gains.

Because these tokens are still in their presale phase, investors can get them for a bargain.

The first crypto asset to consider is C+Charge’s token, $CCHG.

C+Charge is a green energy startup building an efficient Peer-to-Peer (P2P) payment system for electric vehicles (EV) charging stations using blockchain technology.

What are some benefits of driving an #EV?

?Cheaper to fuel and maintain
?Lower emissions
?Reduce noise pollution

Join our #presale and assist in this green revolution⬇️https://t.co/ixe18bPqzI #cryptocurrencies #ReFi #greenenergycrypto pic.twitter.com/3gzqyseAKC

— C+Charge (@C_Charge_Token) March 2, 2023

The CCHG token has raised over $2 million in its ongoing presale program.

Investors can purchase the digital asset for $0.018 per token. Once the fifth stage of the presale’s eight scheduled stages concludes in five days, the price will increase to $0.019 per share.

Crypto investors can buy the CCHG token using ETH, BNB and USDT.

Another value-driven asset is FGHT. The digital asset powers the play-to-earn (P2E) platform Fight Out – a Move-to-Earn platform with a Play-to-Earn trajectory.

Players can learn from professional fighters and athletes on the platform. There are also rewards and badges to be earned through completing fitness tasks and competing in the metaverse.

This is your chance to be a part of something BIG.

Less than 1 month until our #Presale ends ⏰?

Don't pass up this opportunity to get in early and revolutionise the gaming industry forever ?
?https://t.co/9pikKGRjSd #P2EGame #Crypto #FightOut pic.twitter.com/17Y9L2VL6R

— Fight Out (@FightOut_) March 2, 2023

The token’s current price is $0.026. We expect the price to increase in six hours. This will continue until March 31, when the token will be listed on cryptocurrency exchanges for $0.0333.

So far, $FGHT has grown popular with savvy investors, raising more than $5 million in its presale.

Buy Fight Out Now