Will Polkadot Network Progress Give An Ailing DOT Renewed Vigor?
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Polkadots have recently proven to be successful in several fields. Santiment’s data shows that Polkadot’s development has increased dramatically.
But does this mean a brighter future for Polkadot? The data shows that the most transfers were made on September 16.
Plus, there’s even better news. Parallel chaining is also very active. The number of transactions using these secondary chains on the main Polkadot chain is indicative of this activity.
Moonbeam’s GLMR token and Moonrivers’ MOVR token are two of the most famous.
Polka Dots Investors Up In Numbers
Investments in Polkadot are also at an all-time high, and DFG is number one with 52 active projects.
While these claims certainly sound promising, how do they affect DOT’s market presence? The coin’s performance in the market has improved due to recent changes.
Investor confidence in the Polkadot ecosystem and the original token DOT may increase if the crypto market recovers in the broader financial markets.
Both DeFi and more traditional financial markets are experiencing unfavorable market conditions that make price changes unlikely. The recent increase in interest rates by 0.75 percent worsens the already strong selling pressure.
DOT challenges unfavorable market conditions
Fear from fresh CPI data continues to show on the charts as bears continue to test the bottom of the Donchian channel. Even as the bulls try to gain momentum, adverse market conditions continue to weigh on them.
Data from Coingecko shows that DOT is trading at $6.48 at the time of writing, down 6.5% over the past seven days. However, DOT is expected to receive excellent news from the listings.
Critical support at $6.04 has slowed the price’s sharp decline. It reinforces a strengthening uptrend, which is more clearly visible on the 4-hour and 1-hour ticker indicators.
The price has settled between $6.04 and $6.83 near the central channel. After a sharp rejection candle at the opening of today’s trading, the bulls may be able to break through and consolidate above the immediate $6.57 resistance level if there is less volatility around those price levels.
The current price movement according to the XABCD harmonic pattern indicates that investors and traders should buy the bill, which will drive the price higher.
DOT total market cap at $7.15 billion on the daily chart | Source: TradingView.com Featured image from VOI.id, chart from TradingView.com