Polkadot is proving to be successful in several areas. Santiment data shows that Polkadot has seen a significant increase in its development.
Does this translate into a brighter future in Polkadot’s favor? According to data, the September 16th was the day with most transfers.
In addition, there’s even better news. Parallel chaining, too, is very active. An indicator of the activity is the high volume of transactions that use these secondary chains from Polkadot’s main chain.
These two tokens, the GLMR token of Moonbeam or the MOVR token (from Moonrivers), are among the most popular.
Chart: TradingView.com
Polkadot Investors Up In Numbers
Polkadot is also seeing record investments. DFG came in first with 52 projects.
While these claims certainly sound promising, how will they impact DOT’s market presence? The coin’s performance on the market has improved, thanks to recent changes.
Investor confidence in Polkadot’s ecosystem and native token DOT can increase if the crypto market recovers with the broader financial markets.
The DeFi as well as the traditional financial markets face unfavorable market conditions that makes price fluctuations unlikely. This is exacerbated by the recent 0.75 percent rise in interest rates.
Adverse Market Conditions Challenge the DOT
Recent CPI data continues to be a factor in bears testing the Donchian Channel’s lower half. Bulls may be trying to build momentum but adverse market conditions are still outweighing them.
As of writing this, DOT was trading at $6.48. This is a drop of 6.5 percent from the previous seven days according to data by Coingecko. However, DOT will likely receive positive news from charts.
The critical support at $6.04 has slowed the price’s precipitous decline. The strengthening bullish trend is reinforced by it, more so on the 4-hour and 1-hour tick indicators.
Price settled near the center channel between $6.04 – $6.83. After a sharp rejection candle at the opening of today’s trading session, the bulls may be able to penetrate and consolidate above the immediate resistance level of $6.57 if there is less volatility around these price levels.
According to the XABCD Harmonic pattern, current price movements indicate that investors and traders need to buy the dip. Thus propelling the price upwards.
Source: TradingView.com| Source: TradingView.com Featured Image from VOI.id. Chart from TradingView.com