Polkadot Dev’t Activity Up In Last 7 Days, Despite Steady Drop In DOT Price

Christian Encila

2 years ago

3 mins read

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As the price drops to $7.55, the Polkadot (DOT) price analysis suggests that the trend is still bearish.

Polkadot price analysis reveals a downward trend
DOT/USD has looked for support at roughly $7.49
DOT/USD is encountering resistance at $7.74

Previously trading at about $7.74, Polkadot is now looking for support at about $7.49.

The price of DOT/USD is still facing resistance at $7.74, but if it drops below $7.49, it might find support at $7.32. and $7.05. If it declines below that, it might find support there.

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

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

According to data by Coingecko, DOT is trading at $6.93, down 5.5% in the last seven days.

Santiment data shows that after August 20, DOT’s development activities spiked dramatically. Its price, however, has not held up so well, falling by 11.31 percent over the past week.

Polkadot Announces Deployment Of New Parachains

The multichain network has shown that the Polkadot architecture is not as constricted as many people may have thought. More so, Polkadot recently announced the deployment of many new blockchains with ParityTech.

The declaration states that new parachains will be implemented to enable 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 DOT’s position improved as a result?

Although the short-term outlook for the DOT/USD market appears to be bearish, a breach from the current consolidation range could see the market move in the direction of the $8.00 level soon.

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

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

The market is currently in a condition of consolidation 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-hour price chart: Prices are anticipated to continue declining.

According to the DOT price research 4-hour price chart, the market has been in a bearish trend over the past four hours.

A move towards $8.00 had been made by the market, but it was swiftly rejected at approximately the $7.85 mark.

Chart: TradingView.com

The market is currently consolidating, and if it were to break out of its current range, it might soon go in one of two directions: toward $8.00 or $7.32.

The likelihood that DOT would surpass its present levels increased as long as the buyer’s momentum maintained its advantage over the seller scenario.

The Polkadot network’s current parachains appear to be at their best, despite the lack of obvious rally indicators. These performances, according to PolkadotInsider, have attracted investors’ attention.

Investors can infer from these measures that DOT may be experiencing increased 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

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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