Adding DOT to your portfolio for 2023? You may want to read this first

  • Polkadot recently announced the launch of oracle native service via a community call
  • Although the DOT remained bearish at the time of publication, it could see an upward resurgence

polkadot [DOT] The network held its most recent community call, which was filled with interesting anecdotes and the latest developments. This included developments that provided an overview of what to expect in the coming year.

One of the most notable takeaways from Polkadot’s community call was the announcement of Orast Acurast.

Read Polkdots [DOT] Price forecast for 2023-24

This means that the Polkadot ecosystem will get its own native oracle service that will facilitate verifiable price streams and untrusted oracles.

Polkadot also plans to ramp up its presence in the Metaverse. Thus, Polkadot could push for more Metaverse projects in the future, thanks to MetaverseNW Pioneer 0.0.13.

A healthy project is not only about growth, but also about how you solve problems. Kintsugi, a network within the Polkadot ecosystem, has recently been experiencing a parachin configuration issue that has halted its operations.

However, this problem has been solved by OpenGov, a solution from Kusama, Polkadot’s canary network.

Can DOT escape the crossfire?

Polkadot’s native cryptocurrency, DOT, has been on a downward trajectory for most of 2022. This has been particularly the case since early December. DOT was trading at $4.57 on December 19, which is down 13% over the past three days.

Source: TradingView

The notable note about DOT was that it remained almost oversold after its downside. Therefore, there was a high probability that one would see the return of bullish demand which would lead to a rally higher.

The lower price of the DOT reflects its lower volume in recent days. However, a measure of cryptocurrency volume has registered a slight increase over the past 24 hours. This may reflect the return of some bullish demand.

Polka dot size

Source: feeling

The demand was also noticeable in other areas. For example, the demand for DOT in the derivatives market appears to have improved slightly over the past two days. This may be due to the high funding rates of Binance and DYDX.

Polkadot DOT Funding Rate

Source: feeling

DOT price showed a slight upward trend in the past 2-3 days. A look at the market capitalization revealed that it has fallen by more than $100 million in the last 24 hours, as of the time of writing. Perhaps this was a sign that the bulls were not yet ready to take charge.

Polkadot market value

Source: feeling

What can you expect from Polkadot in 2023

If DOT can continue its trajectory on December 19, it could lead to weak demand that could hinder the token’s recovery in the first half of this week. In fact, it may continue to decline. However, her performance after that is still in the realm of uncertainty. However, a recent call from the community confirmed that Polkadot is still building for the future.

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