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HomeAltcoinPolkadot Price Still Trends Negative – Polkadot Dev’t Activity Up

Polkadot Price Still Trends Negative – Polkadot Dev’t Activity Up

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Polkadot price still trends negative as a DOT price analysis shows as the price falls to $7.55.

Polkadot pricing research suggests a negative tendency. DOT/USD has sought support for around $7.49.

At $7.74, DOT/USD is seeing opposition.

Polkadot, which was previously trading at $7.74, is currently searching for support of around $7.49.

The price of DOT/USD is around $7.74, but if it falls below $7.49, it may find support at $7.32 and $7.05. If it falls below that level, it may find support there.

Polkadot may face some selling pressure around current levels, but if it can hold above $7.49, it may begin to see some buying activity.

The fact that DOT has a plethora of parachains supporting its decentralized web aims has assisted it in remaining relevant in the bitcoin environment.

DOT is now trading at $6.93, down 5.5% in the past seven days, according to Coingecko statistics.

According to Santiment statistics, DOT’s development operations increased considerably after August 20. Its price, on the other hand, has fallen 11.31 percent in the last week, and so, sadly Polkadot price still trends negative.

New Parachains Announces

The multichain network has demonstrated that the Polkadot architecture is not as limited as many people believe. Furthermore, Polkadot just announced the deployment of several additional blockchains in collaboration with ParityTech.

According to the announcement, new parachains would be established to facilitate organization. If these parachains are successfully triggered, the Polkadot community will be able to rule without having to wait for consent from outside parties for an indefinite period of time.

Has this resulted in a better position for the DOT?

Although the short-term forecast for the DOT/USD market seems gloomy, a break out of the present consolidation zone might soon see the market move in the direction of the $8.00 level.

The MACD indicator is now in a negative zone since the signal line is going above the candlesticks.

The RSI indicator for the DOT/USD is entering oversold territory at 47.75, indicating that bulls may mount a comeback shortly.

The market is now consolidating, with the upper Bollinger Band at $8.19 and the lower Bollinger Band at $7.51.

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Polkadot Price Chart – Weekly. Source: CoinGecko

DOT/USD Price Still On Bearish Streak

The market is now consolidating, and if it breaks out of its current range, it might quickly go in one of two directions: toward $8.00 or $7.32.

The chance of DOT exceeding its current levels rose as long as the buyer’s momentum remained superior than the seller’s situation.

Despite the lack of visible rally markers, the Polkadot network’s current parachains look to be at their finest. According to PolkadotInsider, these results have piqued the interest of investors.

These indicators suggest to investors that DOT may be seeing greater interest and momentum.

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