- 1
Polkadot is currently leading in the developer activity as per the Santiment - 2
Technical indicators of DOT price are favoring a weak upside trend.It has seen a gain of 3% in the BTC pair
Polkadot is a next-generation blockchain platform designed to facilitate interoperability and scalability among different blockchain networks. It was founded by Gavin Wood, one of the co-founders of Ethereum.Polkadot aims to solve some of the biggest issues facing the blockchain industry today, slow transaction times.At its core, Polkadot is a sharded multichain network, which means it can process multiple transactions in parallel across multiple chains. This architecture allows the blockchain to process transactions much faster and more efficiently than traditional blockchain platforms. Moreover, Polkadot is designed to support cross-chain communication, enabling different blockchains to communicate and interact with each other seamlessly.One of the key features of Polkadot is its governance system, which is designed to be more decentralized and democratic than other blockchain platforms. Polkadot is currently one of the leader in developer activity as per the Santiment.
Polkadot has a market cap of $8 Billion and is currently ranked 12th in the cryptoverse. Volume of the DOT has seen a drop of 9% in the intraday session. Volume to the market cap ratio of DOT suggests a consolidated trend in price.
Bears Are Pushing DOT Price Below
The weekly technical chart of DOT suggests a consolidated momentum in price.It is currently in a strong consolidated trend in price.On the daily chart it is trading near the value of $7.188 with a gain of 2% in the intraday session.The upside momentum of DOT can see a halt near the value of $12.It may see a halt near the value of $5.It is currently trading above the 50 and 100 Daily Moving Average.There can be a positive crossover which can push the asset price to a new high.
RSI of the DOT price is currently near 59 suggesting its presence in the oversold zone. There is a downside slope suggesting a downside trend in price.
Conclusion
DOT price is currently to move in a bearish trend and may hit the support in future. Various analysts are expecting a strong growth in the future.
Technical Levels
Major Support:$5
Major Resistance:$10
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/02/24/polkadot-price-prediction-is-dot-price-looking-to-jump-for-20-in-upcoming-months/