Polkadot - $DOT

Does it make sense to buy Polkadot (DOT)? Short Term Altcoin Forecasts!

Cryptocurrency markets took some sigh of relief as Bitcoin hit $20,000 again. But what about Polkadot (DOT)? The popular altcoin, which has risen a little like other altcoins, is at the $ 7 level. Will DOT investors be able to make a profit during the possible recovery of the market before the Fed meeting? Short-term goals and more in our news.

Polkadot (DOT)
DOT’s performance last week was pretty sluggish as it dropped about 10% in just 7 days. In fact, there were also several positive developments that could increase the DOT price. However, expectations are not always fulfilled. In particular, the impact of inflation data on altcoins was much greater. Even just 0.02 deviation puts the probability of the Fed’s 100bps increase closer to 40% in the eyes of investors. Fortunately, for now, this rate has dropped to 18%.

The dollar index (DXY), on the other hand, reached the peak of 110 again and was returning from here at the time of writing. While investors are hoping the dollar will weaken a bit, the statements at the next Fed meeting may give it the strength to surpass its 2000 peak.

Should You Take Polkadot (DOT)?
Recently, Scallop, a popular crypto exchange, stated that Polkadot (DOT) is among the three most trending cryptocurrencies on its platform. This was an important development reflecting the popularity of the DOT. The other two altcoins that entered the list were MATIC and BNB. Additionally, CoinEX Global has identified Polkadot as one of 5 crypto projects that “add value to the blockchain.”

On the other hand, there was a huge increase in development activity despite the price that continued to fall. An increase in development activity is a positive signal for Polkadot. Developers strive to improve the network, and this is reflected in the price of the altcoin.

Polkadot’s Co-Founder recently said;

“The crypto space, especially technologically, is still pretty early on. We embraced the idea that it was time to experiment rather than standardize.”

The DOT’s daily chart also does not share a clear picture of what to expect in the coming days, as a few market indicators are bearish while others are bullish. For example, because the 20-day EMA is below the 55-day EMA, the idea emerges that the bears have prevailed in the market. Additionally, the MACD confirms the bearish bias. On the other hand, RSI and Chaikin Money Flow gained some hope for a price increase in the short term.

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