As a result of the new cooperation by Polkadot with the KILT Protocol, the company’s development efforts have been on the rise.
This was announced by the latter via their official Twitter account, that it is now functioning as a Polkadot protocol.
The fact that KILT was originally a Kusama Chain chain served as a springboard to their transition into operating as a Polkadot parachain.
KILT claimed that their entire network was successfully migrated to Polkadot by them.
As a result of these changes, Polkadot’s rate of development has been on the rise since the collapse in July 2022, and it has now surpassed its previous high point in May 2022.
However, in recent weeks, the network’s native token, DOT, has been underperforming, even as the network as a whole has been doing well.
An Important U-Turn For Polkadot
For DOT, the trading range is $6.12 to $6.83. This is the range in which the token has traded since the beginning of the most recent decline, which began on September 18 and continued through September 19.
Although news of the development has been good, the price news has not been as favorable.
DOT trades at $6.47 as of the writing. This is a 2 percent increase in seven days. Data from Coingecko shows.
Consistency in the DOT price could indicate that bulls or bears are trying to get the upper hand.
An intraday bull/bear strength indicator closes to equilibrium. This indicates that there may be a short-term break.
The momentum looks positive on a four-hour basis, but it has not developed into a gain. DOT has a bullish cup-and-handle pattern at the time of this writing. This could signal an impending rally.
This indicator of fear and greed indicates that you have a negative outlook, making it extremely hard to rebound.
What is the Long-Term Impact of DOT Recuperation?
The $6.12 support level was previously highlighted by DOT bulls. This is where the crypto has bounced twice, showing that bulls have the momentum to break through the $6.83 78.60 Fibonacci barrier.
However, the bulls should also be careful, as a breach of the $6.12 support could precipitate a further market decline.
It is essential for the bulls to pursue long-term gains in DOT, as this might gradually drive the price upward.
Investors and traders may use the handle and cup pattern for the moment to justify their next DOT investment.
Now trading price for DOTUSD is $6.48. Featured Image from Cryptopolitan. Chart: TradingView.com| Featured image from Cryptopolitan, Chart: TradingView.com