There was a trend reversal at the beginning of 2023, and the price continued to rise again.
With the strong gains in the crypto market in January and February, Polkadot’s DOT token was also able to rise sharply. At times, the Polkadot course experienced an increase of more than 50%. But how will things continue in the coming weeks?
At the end of 2022, the Polkadot (DOT) course had to accept quite significant losses. Initially, at the turn of the year 2022/2023, the DOT price was at a new low of US$4.30.
The Polkadot price reached the $6 mark in mid-January. With that, Polkadot was one of the biggest gainers of the first 2-3 weeks of the year. By early February 2023, the DOT price had risen to over $7. After falling sharply below $6 in early February, the price temporarily rose above $7.70 in the middle of the month. In the past few days, the price has recently fallen back to $6.60.
In general, the price trend is basically bullish, although some fluctuations have been seen. That gives hope for a positive Polkadot (DOT) forecast for March 2023.
Why Could the Price Go Up So Much?
As with almost all altcoins, Bitcoin’s price surge earlier in the year was the main reason for Polkadot’s strong gains. The DOT course followed Bitcoin’s course relatively quickly, which is reflected in strong gains through mid-January.
The topic of interoperability is still very popular in the market, which is also reflected in the strong rise of Polygon (MATIC). This network also wants to establish itself as an interoperable network like Polkadot.
What is the Polkadot (DOT) Forecast for March 2023?
In recent weeks, despite some setbacks, there has been a clear upward trend in the DOT price. Therefore, Polkadot’s forecast for March 2023 should be quite positive. Although there has been evidence of a setback for the market in recent days, the general trend in the crypto market is bullish.
The Polkadot (DOT) course should also benefit from this. In the coming weeks, there could be a stabilization in the price, or a slight to moderate increase in the price.
With the latest Bitcoin price drop, Altcoin prices have also dropped slightly. Basically, though, the trend is upward. If Bitcoin breaks the $25,000 resistance in the next few weeks, altcoin prices should rise sharply as well. That would also greatly improve Polkadot’s forecast.
With Bitcoin topping $25,000 and rising to $30,000, Polkadot should be able to earn more than 20%. However, even with only a slight increase in the price of Bitcoin, the DOT price should also be able to rise again in the coming weeks.
Therefore, a Polkadot (DOT) forecast of $7.20 to $8.50 is assumed by the end of March 2023.
By Audy Castaneda
