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The crypto industry is on a dusty drag over the last few months. The Crypto market is falling apart in pieces and affecting every niche in the industry. Considering Polkadot (DOT), the price analysis suggests a bearish behavior. Polkadot (DOT) drops to $7 at the time of writing.
Polkadot seems to have a slight selling pressure, but if the coin manages to rise upto $7.49, it might observe an upsell instantly. DOT carries several parachains under its decentralized web goals. This has helped the coin to stay relevant in the cryptocurrency system.
Despite a steady fall in DOT price trends, the developments in the Polkadots haven’t been rendered. The multichain network shows that Polkadot architecture is not as narrow as people cast. Moreover, Polkadot is in subtle plans to introduce numerous blockchains with Parity Tech.
Polkadot Working Intensively on New Parachains
The announcement from Polkadot states that the new set of para chains will be implemented to enable the organization. Once these parachains are successfully deployed in the marketplace The Polkadot community will rule. Once deployed, Polkadot Community will be able to administer without any barrier or approval from outside partners.
Although the market appears to be short-term bearish, a breach from the present consolidation range may witness an upward direction move.
The signal line is moving above the candlesticks, meaning the MACD indicator is hovering in a bearish zone. The RSI indicator at 47.45 for the DOT is slightly approaching oversold territory, suggesting a bullish recovery in the future.
The Polkadot Community is moving onto a high rise at a slow speed. But it may change the rulebook soon enough. The market may witness new parachains in the Polkadot community working efficiently and with more subtle effects.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
