Polkadot dev activity did not increase in the last 7 days despite the continuous fall in dot prices

By August 27, 2022Polkadot
Click here to view original web page at cryptosaurus.tech
Polkadot dev activity did not increase in the last 7 days despite the continuous fall in dot prices

Polkadot (DOT) price analysis shows that the trend is still bearish as the price drops to $7.55.

  • Polkadot price analysis reveals a downtrend
  • DOT/USD traded around $7.49 . looking for support
  • $7.74 to DOT/USD . facing resistance

Earlier trading at around $7.74, Polkadot is now looking for support around $7.49.

DOT/USD price is still facing resistance at $7.74, but if it breaks below $7.49, it may find support at $7.32. and $7.05. If it falls below that, it may find support there.

Around these levels, Polkadot may feel some selling pressure, but if it manages to hold above $7.49, it could start seeing some buying interest.

The fact that DOT has multiple parachains underpinning its decentralized web goals has helped it stay relevant in the cryptocurrency ecosystem.

According to data from Coingecko, DOT is trading at $6.93, down 5.5% over the past seven days.

Sentiment data shows that after August 20, DOT’s development activities increased dramatically. However, its price hasn’t been so good, having lost 11.31 percent in the past week.

Polkadot announces deployment of new Parachains

Multichain networks have shown that the Polkadot architecture is not as compact as many might have thought. In addition, Polkadot recently announced the deployment of several new blockchains with ParityTech.

The announcement states that the new ParaChain will be implemented to enable the organization. If these parachains are successfully activated, the Polkadot community will be able to govern without having to wait forever for approval from outside parties.

Has this resulted in an improvement in DoT’s position?

Although the short-term outlook for the DOT/USD market looks bearish, a breach of the current consolidation range could push the market towards the $8.00 level soon.

The signal line is moving above the candlesticks which means that the MACD indicator is currently in a bearish zone.

At 47.75, the RSI indicator for DOT/USD is moving into oversold territory, suggesting that the bulls may make a recovery soon.

The market is currently in a consolidation position as the upper Bollinger Band is at $8.19 and the lower Bollinger Band is at $7.51.

DOT/USD price continues its bearish streak

DOT/USD 4-hours price chart: price is forecast to continue declining.

According to the 4-hour price chart of Dot Price Research, the market has been bearish for the last four hours.

The market had made a move towards $8.00, but it was rejected sharply around the $7.85 mark.

The market is currently consolidating, and if it breaks out of its current range, it could soon move in one of two directions: towards $8.00 or $7.32.

As long as buyer momentum maintains its advantage over the seller’s scenario, the likelihood that DOT will surpass its current levels has increased.

The Polkadot network’s current parachains appear to be at their best, despite the lack of clear rally indicators. According to PolkadotInsider, these performances have caught the attention of investors.

Investors can speculate from these measures that DOT is experiencing increased interest and momentum.

DOT has a total market cap of $7.63 billion on the weekend charts. Source: TradingView.comFeatured image from Money24H, chart from TradingView.com

source: www.newsbtc.com

All Today's Crypto News In One Place