Polkadot (DOT) Hits Major Milestone, Can It Push DOT Past $10?

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Polkadot reached an significant achievement, with over 600,000 distinct users now part of its network, reflecting growing curiosity, acceptance, and usage of Polkadot‘s technology.

Analysts are optimistic that this newest achievement might halt the downward slide of DOT‘s price, which has caused it to plummet from its peak of $11.82 to its present value of $8.55.

Activity On Polkadot Rising 

Despite the community’s attempts to boost meme coins, Polkadot’s unique addresses reached an all-time high. According to DotLake data, approximately 41% or 248,000 of the 600,000 active addresses are linked to Moonbeam, a specialized parachain within the broader Polkadot network. An additional 191,000 addresses were directly generated in the Polkadot ecosystem.

“The Polkadot network is seeing increasing activity as numerous apps secure their own block space to avoid network congestion. Polkadot offers flexibility without sacrificing durability, ultimately resulting in a better user experience.”

With more active addresses, we see a rise in network activity across the ecosystem. Different projects utilize block space effectively to maintain smooth operations. This surge in usage points to a thriving community for both developers and users, showcasing Polkadot’s promise as a top-tier blockchain platform.

Polkadot has seen a notable surge in the count of distinct accounts holding non-zero amounts by the end of March, surpassing 5.59 million. This figure signifies an uptick in user involvement within the Polkadot network. Nevertheless, the number of transactions on Polkadot remained modest, with around 11.58 million recorded last month. While this represents a slight uptick compared to the previous month, it pales in comparison to the transaction volumes experienced in December 2023.

Polkadot (DOT) Dips Below $9 

Polkadot (DOT) is currently trading at $8.55, indicating a decline of 1.27% over the past 24 hours. The current price is a far cry from its recent high of $11.80, which DOT hit on the 15th of March, 2024. Since then, DOT has faced significant downward pressure, which pushed the price below $9 by the 19th of March. However, the price found support at these levels, rebounding back above $9 by the 25th of March. However, as indicated by the MACD and the 50-day SMA going over the 20-day SMA, bearish sentiment prevailed, and three consecutive bearish sessions pushed the price back below $9 to $8.40, where DOT found support.

At present, the price of DOT is encountering opposition around the $9 mark, as sellers aim to pull the price down towards its underlying support at $8.40. In the event that the price dips below this level, it’s possible for DOT to slide further down to the $8 price point. On the other hand, if the price manages to rebound and surpass the current resistance at $9, optimistic sentiment may resurface, potentially propelling the price beyond the $10 threshold once more. However, most technical indicators suggest that bearish sentiments are currently dominating the DOT market, with bullish trends emerging only if the price breaks through the $9 barrier and rises above its 20-day and 50-day moving averages.

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2024-04-10 13:10