Polkadot Dev Activity Has Been Low Over the Last 7 Days Despite DOT Price Steady Decline

By August 27, 2022Polkadot
Click here to view original web page at eminetracanada.com

Polkadot (DOT) price analysis suggests the trend is still bearish as the price has fallen to $7.55.

  • Polkadot Price Analysis Reveals Downward Trend
  • DOT/USD is seeking support at around $7.49.
  • DOT/USD Facing Resistance at $7.74

Polkadot, which was previously trading at around $7.74, is now seeking support at around $7.49.

The DOT/USD price is still facing resistance at $7.74, but a break below $7.49 could see support at $7.32. and $7.05. Below that, you might find support there.

Around here, Polkadot may feel some selling pressure, but if it sustains above $7.49, we might see some buying action.

The fact that DOT has a number of parachains supporting its decentralized web goals has helped it remain relevant in the cryptocurrency ecosystem.

The DOT has fallen 5.5% over the past seven days, trading at $6.93, according to Coingecko data.

Santiment data shows a dramatic surge in DOT development activity since August 20th. However, its price has not held up so well, falling 11.31% over the past week.

Polkadot Announces New Parachain Deployment

The multi-chain network shows that the Polkadot architecture is not as restrictive as many think. Additionally, Polkadot recently announced a number of new blockchain deployments powered by ParityTech.

The declaration states that a new parachain will be implemented to enable organization. If these parachains are successfully activated, the Polkadot community will be able to rule without waiting forever for outside approval.

Has DOT’s status improved as a result?

While the near-term outlook for the DOT/USD market looks bearish, a break out of the current consolidation range could see the market move towards $8.00 quickly.

The signal line is moving above the candlestick. This means that the MACD indicator is currently in the bearish zone.

At 47.75, the DOT/USD RSI indicator is approaching the oversold territory, suggesting that the bulls may recover soon.

The market is currently in a consolidation with the upper Bollinger Bands at $8.19 and the lower Bollinger Bands at $7.51.

DOT/USD Price Continues Bearish Streak

DOT/USD 4-Hour Chart: Price Expected to Continue Down.

According to the DOT Price Survey’s 4-hour price chart, the market has been in a bearish trend over the past 4 hours.

The market moved towards $8.00 but was quickly rejected at around $7.85.

Chart: TradingView.com

The market is in the process of consolidating its current position and if the current range breaks out, it could move towards either $8.00 or $7.32.

As long as the buyers’ momentum maintains an advantage over the sellers’ scenario, the DOT will likely rise above current levels.

The Polkadot network’s current parachain seems to be in top shape despite the lack of any obvious upside indicators. According to PolkadotInsider, these performances have caught the attention of investors.

Investors can infer from these metrics that DOT may be gaining interest and momentum.

DOT total market cap at $7.63 billion on the weekend chart | Source: TradingView.com

Featured image from Money24H, chart from TradingView.com

Polkadot Dev Activity Has Been Low Over the Last 7 Days Despite DOT Price Steady Decline

Source link Polkadot Dev Activity Has Been Low Over the Last 7 Days Despite DOT Price Steady Decline

All Today's Crypto News In One Place