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Polkadot [DOT] to rise even further in 2023 – This is how

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Polkadot [DOT] to rise even further in 2023 - This is how
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  • Acala network released its roadmap for 2023.
  • Metrics and indicators looked optimistic for MATIC, but a few suggested otherwise. 

Acala, a decentralized finance network on Polkadot [DOT], revealed its roadmap for 2023 on 20 January. Reportedly, Acala’s team will focus on engineering and growth in areas such as security, governance, and product development over the next few months. 

Read Polkadot’s [DOT] Price Prediction 2023-24

Acala’s future path could help Polkadot reach new heights this year while also adding significant value to the network. Polkadot has already reached quite a few milestones, which was revealed by Electric Capital’s annual report on 18 January.

A notable aspect of the report was the fact that Polkadot had expanded to over 200 full-time developers in just over two years. On average, this process takes over four years. In addition to that, DFG’s latest report revealed that there was a rise in the number of Polkadot mainnet validators during the last year. 

Which way is DOT headed?

Polkadot’s on-chain metrics responded positively to these updates, as positive sentiments around DOT remained stable over the last week. This reflected the community’s trust in the network. The derivatives market also showed interest in DOT, as its Binance funding rate was consistently high.

However, DOT’s volume went down in the last few days, which might be concerning for investors. 

Source: Santiment

Realistic or not, here’s DOT’s market cap in BTC’s terms

The future looks good for Polkadot

Additionally, Polkadot’s MACD revealed that the bulls were leading the market, giving hopes for brighter days ahead. Moreover, the Chaikin Money Flow (CMF) was also resting above the neutral position, which was a development in favor of the buyers.

The On Balance Volume (OBV) remained high, further increasing the chances of a price hike. Nonetheless, the Relative Strength Index (RSI) was still near the overbought zone, which might restrict DOT’s price from going up in the short term. 

Source: TradingView

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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