Polkadot Seeing Lots Of Development Activity – But Why Is DOT Stuck In The Cellar?
06 October 2022 - 11:42PM
NEWSBTC
As a result of the new cooperation by Polkadot with the KILT
Protocol, the company’s development efforts have been on the rise.
The latter announced via its official Twitter account that the
protocol is currently functioning as a Polkadot interface. The fact
that KILT originally operated as a chain on the Kusama network
served as a springboard for their transition to operating as a
parachain on the Polkadot network. In addition, KILT stated that
they were the first parachain to successfully migrate their whole
network to Polkadot. As a result of these changes, Polkadot’s rate
of development has been on the rise since the collapse in July
2022, and it has now surpassed its previous high point in May 2022.
However, in recent weeks, the network’s native token, DOT, has been
underperforming, even as the network as a whole has been doing
well. Related Reading: SAND Has Just Been Added On Binance US –
Will It Hit $1 In The Coming Days? A Major U-Turn For Polkadot
There is now a trading range for DOT between $6.12 and $6.83. This
is the range in which the token has traded since the beginning
of the most recent decline, which began on September 18 and
continued through September 19. Although news of the
development has been good, the price news has not been as
favorable. As of this writing, DOT is trading at $6.47, up 2
percent in the last seven days, data from Coingecko show. Chart:
TradingView.com The consistency of the DOT price may indicate that
bulls and bears are competing to have the upper hand. The intraday
bull/bear power indicator is close to equilibrium, indicating that
a break may occur shortly. On a 4-hour timeframe, the momentum is
fairly optimistic, although this has yet to develop into a gain. As
of the time of writing, DOT is developing a bullish cup and handle
pattern, which could indicate an imminent rally. The fear and greed
indicator indicates a gloomy view, which will make such a rebound
extremely difficult to achieve. DOT Recuperation In The Long Term?
DOT bulls might consider the $6.12 support line highlighted
previously. This is where the crypto has bounced twice,
showing that bulls have the momentum to break through the $6.83
78.60 Fibonacci barrier. However, the bulls should also be
careful, as a breach of the $6.12 support could precipitate a
further market decline. It is essential for the bulls to
pursue long-term gains in DOT, as this might gradually drive the
price upward. For the time being, though, investors and traders
might utilize the cup and handle pattern to justify their next DOT
investment. Related Reading: Chainlink Crosses $6.18 Trillion In
Transaction Value – Will This Boost LINK Price? DOTUSD pair is now
trading at $6.48 | Featured image from Cryptopolitan, Chart:
TradingView.com
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