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Polkadot will be one of the highlight projects at next week’s ETHDenver 2023 summit.
The Web3 BUIDLathon event will be the largest gathering of enthusiasts, developers, and engineers in the broader Ethereum ecosystem, but blockchain enthusiasts are sure to get excited about Polkadot, the sharded blockchain protocol.
polka dots announcement Today, it was confirmed that the ecosystem will participate in the ETHDenver 2023 BUIDLing Summit starting on February 28th. Apart from the panel talks and conference programme, there are community side events and interactive activities.
The event runs until March 5th and could be key to DOT price action.
1/ It takes less than a week to join the Polkadot ecosystem #ETHDenver 2023.
Check out this thread for the latest on Polkadot #BUID Ling Summits, conference programs, community side events.
Event Dates: February 28-March 5
To register: https://t.co/fOhV0Uk44v pic.twitter.com/xrDEieLPVfPolkadot (@Polkadot) February 24, 2023
The DOT is trading at around $6.64, down about 6% over the past 24 hours and up just 4% over the past week. The token has been forming a downtrend line since a reversal negative on Feb. 19 when the DOT/USD pair started near his 30-day high of $7.74.
A technical breakdown from the resistance line of the ascending channel puts the DOT in free fall risk now, with the demand zone at $6.90 and $6.71 on the 4-hour chart. If the bulls fail to sustain the area around $6.35, the price is likely to plummet to the main support line at $6.00.
Polkadot price analysis 4-hour chart. sauce: TradingView
The price has also broken below the 50-day exponential moving average (EMA), which is currently at the immediate resistance line. The DOT is just off his 200-day EMA as seen on the 4-hour chart.
A breakdown above this line could confirm a bearish reversal as suggested by the sloping Relative Strength Index (RSI).
Polkadot price chart. Source: Trading View.
DOT is also in oversold territory. daily chart, currently 50 EMA offers the main support line at around $6.35. However, the rebounding of the rising channel from the lower trendline suggests that the bulls may still push the DOT higher.
Whether this will be during the ETHDenver summit or beyond will likely depend on the overall market outlook, especially the price of Bitcoin over the next few days.
