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Wednesday, August 10, 2022
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    HomeMarketCan Polkadot bounce back at the current $6 support?

    Can Polkadot bounce back at the current $6 support?

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    • Polkadot stays bearish with a 75% YTD loss

    • DOT has consolidated round $6 assist

    • Market capitalization plummets from $6B

    Polkadot (DOT/USD) has been dealing with in depth bearish strain currently. The token is buying and selling at $6.74 after a 2.38% drop previously day and a 2.72% plunge previously week, in accordance with CoinMarketCap. The present worth was final seen in December 2021.

    The month-to-month worth outlook reveals that DOT has dropped 16.79% since buying and selling at $8.1. Equally, the tokens have plunged by 61.92% previously three months. The year-to-date worth outlook reveals an extra drop of 75.27% from a excessive of $27.3.

    The downward momentum in DOT has additionally contributed to a big lower within the token’s market capitalization. Polkadot’s market cap peaked at $53.21 billion when the tokens reached an all-time excessive of $53.44 in November 2021. The worth has since sunk to $6.65 billion.

    DOT consolidates at $6 assist

    Supply: TradingView

    Polkadot’s 4-hour worth outlook above reveals a bearish worth outlook based mostly on the MACD indicator. Moreover, the RSI studying is at 38, pointing the worth might go decrease. Total, DOT is sure to commerce decrease, with the long-term and short-term technical outlook trying bearish.

    A blockchain of blockchains and its relevance

    Polkadot is a blockchain platform that helps parallelized chains, also called Parachains. The community permits for the cross-chain switch of tokens in interoperability. The community operates as a sharded multichain platform, that means it could course of a number of transactions concurrently. DOT is the native token powering Polkadot used for payment cost and governance.

    Essentially, Polkadot has positioned itself because the blockchain of blockchains. This fashion, the platform ensures that it creates an ecosystem of permissionless interplay amongst networks. Furthermore, the blockchain has constructed a sidechain referred to as Kusama for builders to check their tasks earlier than deploying on the primary chain.

    Abstract

    The worth of Polkadot at the moment depends on the adoption of blockchain expertise. As extra tasks deploy on the platform, the long-term worth will enhance. Nonetheless, from the technical perspective, DOT stays bearish and will commerce decrease.



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