Connect with us


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



Polkadot [DOT] to rise even further in 2023 - This is how
Source: StockAI

  • 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

Read the best crypto stories of the day in less than 5 minutes

Subscribe to get it daily in your inbox.

Please select your Email Preferences.

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot's writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

Click to comment

Leave a Reply

Your email address will not be published.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.