To shed light on the protocol’s successes, Polkadot insiders have been providing key data. As it stands, these accomplishments are very helpful to the overall ‘well-being’ of DOT. However, the coin’s value has been down alongside the rest of the crypto and financial market.
Are investors going to have a good chance of buying in this downturn?
The markets are experiencing intense selling pressure. We are still worried about the September 13th year-on-year inflation news.
The overall market capitalization for DOT decreased by 15.3%, going from $8.75 to $7.44 billion. Polkadot has shed 10% weekly loss on the heels of the U.S. central bank’s not so rosy inflation assessment. DOT traded at $6.33 today, down 8.6 per cent in the past seven days according to Coingecko data.
Market prices are affected by many other factors. The Federal Reserve has increased the interest rates by 0.75 percent, which is known to be a problem for pricing. If the situation gets worse, it will impact negatively on the value and marketability of DOT.
When will the price rally occur?
Is there any way for DOT to recover quickly despite the general gloom in the financial markets?
If one looks at the daily tick indicators, one can see that DOT has been met with resistance around the $8.06 mark.
This is also consistent with the price decline on September 13. The price fell to $6.12 after it reached the $7.07 resistance.
Here’s Where Polkadot Rally May Be Seen
Indicators have suggested that the $6.12 support is generating positive momentum. The bulls could gain significant momentum in this period to push past $7.07 resistance.
The increasing optimistic forecast may suggest that Polkadot’s recent accomplishments are influencing investor confidence.
Chart: TradingView.com
According to recent tweets by @PolkadotInsider, the positive trend in indicators is consistent with previous tweets. The amount of investment projects on the protocol is one of Polkadot’s ecosystem’s most remarkable achievements.
DFG is proud to be No.1 #ventureBy @PolkadotInsider! 🏆
Evidently, #CryptoWinter doesn’t slow us down; we keep investing and supporting the most promising projects in this space. 💪
We are grateful for your amazing portfolios. Let’s continue to make more history! 🚀 https://t.co/GbMIbpLLfy
— DFG (@DFG_OfficiaI) September 22, 2022
DFG Global topped this list with 52 projects. AU21 Capital had 39 while Hypersphere had 35.
The tweet below was published recently on September 22. The price of the currency rose to $6.44 after this tweet was published on September 22. As of the writing, it looks like DOT is preparing a rally for relief.
Upon detailed examination of the data, the token’s last settlement occurred at $6.48, its previous peak. The sentiment among investors reflects this trend.
The momentum indicator, commodities channel index and Stoch RSI all are rising together. This suggests that even under volatile conditions like the current, investor sentiment remains positive.
DOT’s prior market activity likewise matched the XABCD harmonic pattern, which can advise investors and traders to buy the dip.
The total market cap of the DOT is $6.9B on the daily chart. Source: TradingView.com| Source: TradingView.com Featured Image from The Daily Hodl Chart: TradingView.com