Cryptocurrencies Price Prediction: Bitcoin, Polkadot & Dogecoin – European Wrap 28 August

Bitcoin Price Forecast: BTC recovers as Bitcoin Asia kicks off in Hong Kong

Bitcoin (BTC) recovers above $113,000 at the time of writing on Thursday after finding support around a key level earlier this week. As attention turns to the start of the Bitcoin Asia conference in Hong Kong, this recovery has been boosted slightly. However, traders remain cautious as spot demand stays neutral and perpetual futures sentiment appears fragile.

Bitcoin is trading above $113,000 on Thursday, showing resilience after a 12% pullback from its mid-August record high of $124,474. The market sentiment boosts slightly as the start of Bitcoin Asia conference in Hong Kong on Thursday is expected to draw 15,000 attendees, making it the second-largest global Bitcoin event.

Polkadot backs Paraguay’s $6M innovation hub tokenization, parachains TVL rises

Polkadot (DOT) edges higher by 2% at press time on Thursday, underpinned by Paraguay’s investment to tokenize Assunción Innovation Valley, which is equipped with a hotel, university, and data center. The technical and on-chain outlook remains bullish as DOT rebounds within a triangle pattern, accompanied by the Total Value Locked (TVL) on parachains crossing $300 million. 

Polkadot announced the tokenization of Paraguay’s innovation hub district, Assuncion Innovation Valley (AIV), on Tuesday, in partnership with Moonbeam, a parachain, and Better Use Blockchain (BuB), a tokenization platform on Moonbeam. 

Dog-based meme coins DOGE and SHIB rebound as bullish sentiment creeps back in

Dogecoin (DOGE) and Shiba Inu (SHIB) prices are showing signs of resilience after a recent pullback, with both meme coins rebounding from key support levels. DOGE trades above $0.223 while SHIB steadies above $0.000011 at the time of writing on Thursday. Derivatives data for these dog-based meme coins indicate a positive funding rate and a fading bearish pressure, suggesting a further recovery on the horizon.

CoinGlass data indicates a bullish outlook for dog-based meme coins as reflected in a positive spike in funding rate data. The metric, as shown in the graph below, has flipped to a positive rate for both meme coins on Wednesday, with respective readings of 0.0086% for DOGE and 0.0088% for SHIB, indicating that longs are paying shorts. Historically, when funding rates have shown a massive positive spike, the prices of DOGE and SHIB have rallied sharply.