• Polkadot will join ETHDenver 2023 BUIDLing event from 28 February to 5 March.
• The technical outlook for DOT price suggests bulls need to hold above $6.35 or bears could take control.
• The token has formed a downtrend line since 19 February when the DOT/USD pair hit a 30-day high around $7.74.
Polkadot Joins ETHDenver BUIDLing Event
Polkadot announced that it will be joining the ETHDenver BUIDLing event on 28 February and running through 5 March, with panel talks, conference program and community side events in store.
Technical Outlook for DOT Price
The current technical outlook for DOT price suggests bulls must hold above $6.35 or bears could take control. The token has formed a downward trend line since 19 February when the DOT/USD pair hit its 30-day high of around $7.74, with the demand zone at $6.90 and then $6.71 gone on the 4-hour chart. If bulls fail to hold this area, the price could plummet to the main support line at $6.00. Additionally, price is currently below both the 50 day Exponential Moving Averages (EMA) and 200-day EMA as seen on the 4-hour chart, indicating potential bearish sentiment if broken down beyond this line.
PCE Data Impact
The broader markets have fallen following US Personal Consumption Expenditure (PCE) data released on Friday, causing Polkadot’s price to also dip 6% in 24 hours and only rise 4% in 7 days before today’s announcement of joining ETHDenver 2023 BUIDLing summit..
Risk of Freefall
A breakdown from resistance line of ascending channel puts Polkadot at risk of freefalling with no clear support lines available until reaching main support line at $6 which could happen if bulls fail to maintain their momentum above mentioned supports levels ($6.35).
Conclusion
The upcoming week will be key for Polkadot’s success as it joins one of Ethereum ecosystem’s largest gatherings – ETHDenver 2023 BUIDLathon event – where their commitment to Web3 will be put under scrutiny by blockchain enthusiasts worldwide who are keeping an eye out for any signs of progress towards sharded blockchain protocols such as Polkadot’s own implementation that would revolutionize decentralized applications‘ scalability capabilities even further than they already have been pushed over recent years..
