– Bearish wave halts on Polkadot.
– DOT misplaced greater than 40% final week.
– Polkadot awaits a possible cope with FC Barcelona.
Polkadot has been one of the vital well-known altcoins and managed to hit a worth of $55 in November 2021. It’s at present the eleventh largest cryptocurrency with a market cap of $18,344,821,245.
The previous few weeks have been powerful on the cryptocurrency market, and Polkadot has been one of many main victims of the current market dip. Because the November excessive, DOT has misplaced greater than 70% of its worth to commerce at a low of $16 on twenty second January.
Nevertheless, DOT has managed to remain afloat on the $19 mark forming a flag, with bulls making an attempt to beat the sturdy bearish stress available in the market.
Supply – TradingView
From the Weekly chart above it’s clear that the market is strongly bearish. And, it’d proceed in that path, particularly with the current hawkish rates of interest statements from Central Banks world wide and the worrying inflation. The subsequent stage of help is on the $10 mark, a break of this stage would possibly scare away fanatics of the Polkadot blockchain community and threat the coin shedding its total worth.
On the constructive aspect, FC Barcelona introduced that they’re contemplating having the Polkadot Blockchain community as their official jersey sponsors. The present official Jersey sponsor for Barcelona is Rakuten, an e-commerce firm from Japan and the contract ends July 2022. If Polkadot manages to get this deal, it is going to tremendously enhance the notice of the Polkadot blockchain and enhance its recognition and belief.
Cryptocurrencies have had a few enormous sports activities offers by way of sponsorships, FTX Alternate signed a cope with Main league Baseball, Coinbase Alternate signed a cope with Nationwide Basket Ball Affiliation (NBA).
