Will Polkadot Network Progress Give An Ailing DOT Renewed Vigor?

Will Polkadot Network Progress Give An Ailing DOT Renewed Vigor?

Polkadot has proven successful in a number of areas recently. Data from Santiment shows that there has been a dramatic increase in development on Polkadot.

But does this mean a brighter future for Polkadot? Data shows that the highest amount of transfers occurred on September 16.

In addition, there’s even better news. Parallel chaining is likewise very active. The volume of transactions using these secondary chains on the Polkadot main chain is an indicator of this action.

The GLMR token from Moonbeam and the MOVR token from Moonrivers are two of the most well-known.

Chart: TradingView.com

Polkadot Investors Up In Numbers

Investments on Polkadot are also at an all-time high, with DFG coming in first place with 52 active 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.

Both the DeFi and the more conventional financial markets are experiencing unfavorable market circumstances that make price changes unlikely. The recent increase in interest rates by 0.75 percent exacerbates the already intense selling pressure.

DOT Challenged By Adverse Market Conditions

Fear caused by recent CPI data is still evident on the charts as bears continue to test the lower part of the Donchian channel. Even though bulls are attempting to gain momentum, adverse market conditions continue to outweigh them.

DOT is trading at $6.48 as of this writing, down 6.5 percent in the last seven days, data from Coingecko show. However, DOT is expected to receive excellent news from the charts.

The critical support at $6.04 has slowed the price’s precipitous decline. It bolsters the strengthening bullish trend, which is more evident on the 4-hour to 1-hour tick indicators.

The price has settled between $6.04 and $6.83 near the center channel. 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.

The current price movement according to the XABCD harmonic pattern indicates that investors and traders should buy the dip, so propelling the price into an uptrend.

DOT total market cap at $7.15 billion on the daily chart | Source: TradingView.com

Featured image from VOI.id, chart from TradingView.com

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