Home CryptocurrencyAnalysis Will the Polkadot network’s progress give the ailing DOT renewed vigor?

Will the Polkadot network’s progress give the ailing DOT renewed vigor?

by SuperiorInvest

Polkadot has proven itself in a number of areas recently. Data from Santiment shows that there has been a dramatic increase in development on Polkadot.

But does this mean a better future for Polkadot? The data shows that the highest number of transfers occurred on September 16.

Plus, there’s even better news. Parallel chaining is also very active. The volume of transactions using these secondary chains on the main Polkadot chain is an indicator of this action.

Moonbeam’s GLMR token and Moonrivers’ MOVR token are two of the most famous.

Chart: TradingView.com

Polkadot investors up in numbers

Polkadot investments are also at an all-time high, with DFG in first place with 52 active projects.

While these claims certainly sound promising, how will DOT’s presence affect the market? The coin’s market performance has improved due to recent changes.

Investor confidence in the Polkadot ecosystem and the native DOT token may increase if the crypto market recovers with the broader financial markets.

Both DeFi and more conventional financial markets are experiencing adverse market conditions that make price changes unlikely. The recent 0.75 percent increase in interest rates adds to the already intense selling pressure.

DOT challenged by adverse market conditions

The fear caused by the recent CPI data is still evident on the charts as the bears continue to test the bottom of the Donchian channel. Even as bulls try to gain momentum, adverse market conditions continue to weigh on them.

DOT is traded at $6.48 at the time of writing, it had fallen 6.5 percent over the past seven days, data from Coingecko show. However, DOT is expected to receive great news from the charts.

Critical support at $6.04 slowed the price’s steep decline. It reinforces a strengthening bullish trend that is more visible on the 4-hour to 1-hour tick indicators.

The price settled between $6.04 and $6.83 at the central channel. After a sharp rejection candle at the start of today’s trading session, bulls may be able to break through and consolidate above the $6.57 immediate resistance level if there is less volatility around these price levels.

The current price action following the XABCD harmonic pattern suggests that investors and traders should buy the dip, driving the price into an uptrend.

DOT total market cap at $7.15 billion on the daily chart | Source: TradingView.com

Featured image from VOI.id, chart from TradingView.com

Source Link

Related Posts

%d bloggers like this: