The U.S. Securities and Exchange Commission (SEC) unexpectedly dropped all charges against Ripple executives Brad Garlinghouse and Chris Larsen on Thursday which injected an air of optimism into the cryptocurrency market.
Bitcoin advanced above $30,000 after positive news while the other cryptocurrencies also surged, with increases ranging from 2% to 10%, demonstrating the resurgence of the broader cryptocurrency market.
Polkadot (DOT) also displayed some strength this Friday and Saturday; however, it is important to keep in mind that bears still control the price movement of DOT despite the current jump. But where is the price of Polkadot (DOT) going next, and what can we expect from November 2023?
Today, Crypto Lists will discuss Polkadot (DOT) price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.
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- 1 Polkadot empowers a fully decentralized internet
- 2 SEC dropped all charges against Ripple executives
- 3 Technical analysis for Pokadot (DOT)
- 4 Important support & resistance levels for Pokadot (DOT)
- 5 What speaks for the rise in the Pokadot (DOT) price
- 6 What indicates the downfall of Pokadot (DOT)
- 7 What do analysts and experts say?
Polkadot empowers a fully decentralized internet
Polkadot is an open-source project that enables cross-blockchain transfers of any type of data or asset, not just tokens. The primary objective of Polkadot is to tackle the prevalent challenges in numerous blockchain networks, such as issues related to scalability, security, and interoperability.
Polkadot empowers a fully decentralized internet where users have full control over their identity and data. It’s noteworthy that Polkadot can easily upgrade itself to changes without hard forks as better technologies become available. Polkadot allows users to launch their own blockchains on top of the main Polkadot blockchain, and because of this, it is often called a “blockchain of blockchains.”
The popularity of Polkadot is growing because it enables Web3’s biggest innovators to get their ideas to market fast and it is important to mention that Santiment, a leading data analyst firm in the crypto space, recently reported that Polkadot has the most active developer community in Web3.
The DOT cryptocurrency plays a key role in maintaining and operating the Polkadot network. Through the possession and staking of DOT, users gain the ability to participate in voting for network enhancements, and the weight of their votes corresponds to the quantity of DOT cryptocurrency they have staked.
The beginning of the 2023 year has been very successful for DOT, and the price of this crypto added more than 80% to its value in the period from January 01 to February 19. Since then, the price of DOT has continued to move in a downtrend, and bears continue to control the price movement.
Supply: 1,065,329,984 / 1,146,279,936
Release date: January 1, 2001
Description: Discover Polkadot (DOT) on a top exchange today!
Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.
SEC dropped all charges against Ripple executives
The news that the U.S. Securities and Exchange Commission (SEC) dropped all charges against Ripple executives Brad Garlinghouse and Chris Larsen on Thursday injected an air of optimism into the cryptocurrency market but DOT is still unable to surpass resistance at $4.
However, many analysts see the U.S. Securities and Exchange Commission (SEC) decision as a sign that the SEC could approve a Bitcoin ETF very soon, and if this happens, the price of DOT will probably be at higher levels. Wall Street analysts at JPMorgan and Bloomberg Intelligence said this week it is “most likely” the SEC will approve a Bitcoin ETF before January 10, 2024, and approval would likely rally crypto markets with a flood of institutional investments from hedge funds.
Coinbase’s chief legal officer, Paul Grewal, told Bloomberg Friday that he is “hopeful” of an SEC approval sometime soon while Ark Invest CEO Cathie Wood said in a recent Bloomberg interview that she expects the SEC to approve more than one Bitcoin ETF proposal all at once. Companies with proposals include BlackRock, Invesco, WisdomTree, Fidelity, and many others but investors should always keep in mind that market conditions can change rapidly, and staying informed and employing risk management strategies are crucial when navigating the cryptocurrency market.
Although optimism has been rising within the cryptocurrency community due to the expectations of the SEC potentially approving various spot ETF filings from prominent financial players there is also a level of uncertainty as the regulatory body continues to display a propensity for tightening its control over cryptocurrency regulations. The U.S. Securities and Exchange Commission (SEC) decisions, together with recession fears, escalating tensions in the Middle East, and aggressive monetary policy from major central banks, will continue to have a major influence on the cryptocurrency market in the weeks ahead.
Technical analysis for Pokadot (DOT)
Polkadot (DOT) has weakened from $7.89 to $3.56 since February 19, 2023, and the current price stands at $3.86. On the chart below, I marked the trendline, and as long the price of DOT is below this trendline, we can’t talk about a trend reversal, and the price of DOT remains in the SELL-ZONE.
Important support & resistance levels for Pokadot (DOT)
On this chart (the period from April 2023), I marked important support and resistance levels that can help traders understand where the price could move. DOT remains under pressure, but if the price advances above $4.5, the next target could be an important resistance level at $5. The current support level is $3.50, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $3.20. If the price drops below $3, which represents an important support level, the next target could be located around $2.50.
What speaks for the rise in the Pokadot (DOT) price
The overall sentiment on the cryptocurrency market can play a crucial role in DOT’s price trajectory, while DOT’s ability to maintain above $3.50 support is an encouraging sign, and it could potentially act as a strong foundation for a price bounce. A move above $5 would be beneficial for the bulls to take control of price movement. Polkadot is an important player in the blockchain space, with a robust ecosystem and a growing community of developers and users, but the regulations on the cryptocurrency market are also very important for the future of DOT. The U.S. Securities and Exchange Commission (SEC) will have key decisions for several pending spot Bitcoin ETF applications in the weeks ahead and the SEC approval would certainly positively influence the price of Polkadot (DOT) and many other cryptocurrencies.
What indicates the downfall of Pokadot (DOT)
The period since February 19, 2023, has been very negative for Polkadot (DOT), and the bearish mood among Polkadot whales seems to be a major factor that influenced the DOT price downtrend. The current support level for DOT stands at $3.50, and if the price falls below this level, the next target could be $3. The price of Polkadot (DOT) is usually correlated with the price of Bitcoin, and if the price of Bitcoin drops below the $28000 price level, that would certainly have a negative influence on the price of DOT.
What do analysts and experts say?
The news that the U.S. Securities and Exchange Commission (SEC) dropped all charges against Ripple executives Brad Garlinghouse and Chris Larsen on Thursday injected an air of optimism into the cryptocurrency market but DOT is still unable to surpass resistance at $4. The positive fact is that many analysts see this decision as a sign that the SEC could approve a Bitcoin ETF very soon, and if this happens, the price of DOT will probably be at higher levels. Wall Street analysts at JPMorgan and Bloomberg Intelligence said this week it is “most likely” the SEC will approve a Bitcoin ETF before January 10, 2024, while Ark Invest CEO Cathie Wood said that she expects the SEC to approve more than one Bitcoin ETF proposal all at once.
Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.
