As a seasoned analyst with years of experience navigating the volatile cryptocurrency market, I find myself both intrigued and cautious about Polkadot (DOT) at this juncture. The recent release of Agile Coretime has undoubtedly boosted network performance and paved the way for Polkadot 2.0, but the price action tells a different story.
During the ongoing session, Polkadot (DOT) has turned red yet again, as it couldn’t surpass the $4.50 mark for a second time on Friday, even though it peaked at $4.49 earlier in the day.
Polkadot recently announced the release of Agile Coretime, which significantly boosts network performance and is being hailed as one of the key foundations of Polkadot 2.0.
Polkadot (DOT) Starts Week In The Red
Following a strong rebound over the past few days, Polkadot (DOT) has slipped into the red again today, albeit slightly, as both buyers and sellers remain in a stalemate. Despite the encouraging week, if buyers fail to regain control, DOT will conclude the week much like it began, on a downward trend. As we can observe from the price chart, DOT concluded the previous week with a 0.90% decrease, ending at $4.40. On Monday, it further dropped by 4.55%, dipping below the 20-day moving average and settling at $4.20. Buyers made an effort to recover on Tuesday as DOT rebounded above the 20-day moving average, reaching $4.29. However, sellers managed to regain control and push the price back below the 20-day moving average. By the end of Tuesday, DOT had dropped by 0.95% and settled at $4.16.
Midweek Recovery
On Wednesday, Polkadot (DOT) faced a period of selling pressure, dropping to a low of $3.98. However, as it approached its support levels, demand increased and pushed DOT back above $4. The cryptocurrency ended the day slightly higher at $4.17. On Tuesday, following the Fed’s rate cut, crypto markets rebounded, allowing DOT to rise above its 20-day Simple Moving Average (SMA), ending the session at $4.26. On Friday, DOT tried to break through the resistance at $4.50 and the 50-day SMA, initially succeeding as it reached a high of $4.49. However, with sellers active at $4.50, the momentum shifted, and DOT fell back below the 50-day SMA to close at $4.34, still managing a gain of 1.88% despite heavy selling pressure.
Can Sentiment Around Polkadot (DOT) Change?
At present, DOT is experiencing a decrease and is trading near $4.32, marking a 0.50% reduction. It’s encountering significant resistance at $4.50, with the 50-day Simple Moving Average (SMA) adding to this dynamic resistance. If DOT manages to break through these barriers and close above them, a potential rise to $5 might occur. Nevertheless, whether it will surpass this level is uncertain. Conversely, if sellers maintain control, we may witness DOT descending to $4.20, where it could find support. If the downward trend persists, DOT might drop even further to $4.
Market observers anticipate that the rollout of Agile Coretime will stimulate optimistic market feelings. With its focus on enhancing efficiency, scalability, and adaptability within the Polkadot infrastructure, Agile Coretime makes it easier for developers to join the ecosystem. This announcement led to a price increase during the week.
Coretime simplifies and reduces costs for projects of all scales, even solo developers. Large projects with consistent demand can use Polkadot through Bulk Coretime sales, which supply continuous computational resources up to 28 days in advance. Meanwhile, projects with fluctuating requirements can opt for On-Demand Coretime purchases.
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2024-09-21 15:57