Will Polkadot Network Progress Give An Ailing DOT Renewed Vigor?

Christian Encila

2 years ago

2 mins read

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Polkadot has proven successful in a number of areas recently. Data from Santiment shows that there has been a dramatic increase in development on Polkadot.

But does this mean a brighter future for Polkadot? Data shows that the highest amount of transfers occurred on September 16.

In addition, there’s even better news. Parallel chaining is likewise very active. The volume of transactions using these secondary chains on the Polkadot main chain is an indicator of this action.

The GLMR token from Moonbeam and the MOVR token from Moonrivers are two of the most well-known.

Chart: TradingView.com

Polkadot Investors Up In Numbers

Investments on Polkadot are also at an all-time high, with DFG coming in first place with 52 active projects.

While these claims certainly sound promising, how will they impact DOT’s market presence? The coin’s performance on the market has improved, thanks to recent changes.

Investor confidence in Polkadot’s ecosystem and native token DOT can increase if the crypto market recovers with the broader financial markets.

Both the DeFi and the more conventional financial markets are experiencing unfavorable market circumstances that make price changes unlikely. The recent increase in interest rates by 0.75 percent exacerbates the already intense selling pressure.

DOT Challenged By Adverse Market Conditions

Fear caused by recent CPI data is still evident on the charts as bears continue to test the lower part of the Donchian channel. Even though bulls are attempting to gain momentum, adverse market conditions continue to outweigh them.

DOT is trading at $6.48 as of this writing, down 6.5 percent in the last seven days, data from Coingecko show. However, DOT is expected to receive excellent news from the charts.

The critical support at $6.04 has slowed the price’s precipitous decline. It bolsters the strengthening bullish trend, which is more evident on the 4-hour to 1-hour tick indicators.

The price has settled between $6.04 and $6.83 near the center channel. After a sharp rejection candle at the opening of today’s trading session, the bulls may be able to penetrate and consolidate above the immediate resistance level of $6.57 if there is less volatility around these price levels.

The current price movement according to the XABCD harmonic pattern indicates that investors and traders should buy the dip, so propelling the price into an uptrend.

DOT total market cap at $7.15 billion on the daily chart | Source: TradingView.com

Featured image from VOI.id, 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.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.