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- 1 Polkadot has observed a decline in revenue in the past 30 days as per Token Terminal.
- 2 Polkadot price is facing strong bearish pressure in the daily chart. It has seen a loss of 2.25% in the intraday session.
- 3 The Year-To-Date return of Kava is 73.65%.
Polkadot is an open-source network that connects and secures other blockchains. It facilitates the cross-chain transfer of any type of data or asset. Polkadot is also called layer-0 meta protocol because it gives a format for layer-1 blockchains, also called parachains. It is founded by the Web 3 foundation and has a strong team working behind it. Polkadot has observed a spectacular start in 2023. In March 2023, the network observed 19090 developer contributions which is the highest for any given network. According to the Santiment, Polkadot has the most active developers community in Web 3. The Polkadot token holders has complete control over the protocol. The DOT holders can collect rewards by staking it. The custom blockchains are easy to create on Polkadot with the help of the Substrate framework. Meanwhile, Polkadot has undergone four additional forkless runtime upgrades during Q1 2023. Polkadot has also observed a decline in revenue as per Token Terminal.
Polkadot has a market cap of $6.2 billion and is ranked 13th in the crypto-verse. The volume of DOT has seen a slight decline in the intraday session. The V/M ratio of DOT hints towards a downside trend in price.
DOT Price Consolidation Continues
Polkadot price has been seeing pressure from bears for the past few weeks. On the daily chart, it has been moving in a consolidation zone. DOT price is trading near the value of $5.2 with a small drop in the intraday session. The correlation between the DOT and BTC has surged to 0.94. DOT price upside trend can see a halt near the value of $6.
Meanwhile, the downside trend of asset price can observe a bounceback from $4.2.DOT price is trading below the 50 and 100 Daily Moving Averages. There can be a negative crossover in the future which can push the asset price down.
MACD of the DOT is hinting towards a weak upside momentum in price. The bars and signal lines of the Polkadot suggest an upside trend.
Summary
Polkadot has one of the biggest developers communities in the Web 3 space. DOT price is currently struggling to give a breakout but can see a new high in the future.
Technical Levels
Major Support: $4.2
Major Resistance: $6
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
