DOT (Polkadot) rate forecast for February 2024

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DOT (Polkadot) rate forecast

Monthly timeframe
Hello, I’m Victor from CryptoViktor UA. Today we will dive into the analysis of Polkadot (DOT) for February 2024. On the monthly timeframe, Polkadot showed a high correlation with Bitcoin’s movements in 2021, followed by a decline. Despite attempts at recovery in the autumn, both assets have faced stagnation. In my opinion, there may be a period of accumulation or consolidation until May, but I do not expect significant growth until the moment of Bitcoin halving, after which altcoins may get a boost.

Weekly timeframe
On the weekly chart, the horizontal volume indicator shows that the zone of maximum activity for DOT remains at $6.7. This may indicate a potential decline to this price. Given the historical data, it is possible that the previous phases of price movement will be repeated, which could lead to a drop to new purchase points.

Daily timeframe

Daily analysis shows an increase in volatility with the potential for a short-term decline. However, the overall positive trend on the moving averages remains, providing medium-term stability. The stochastic indicator indicates a potential decline, which could be a good investment opportunity.

Buyer/seller sentiment
Sentiment among investors and traders remains optimistic, but with caution about short-term fluctuations. Many expect that after a period of consolidation, DOT and other altcoins may get a significant boost after Bitcoin’s halving.

Summary of the course forecast for the month
The overall conclusion remains moderately optimistic with the possibility of a short-term decline before future growth. Polkadot is expected to remain in the accumulation zone throughout the spring, with the potential for an increase in value after Bitcoin halving. Investors should consider buying opportunities on declines.