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Polkadot (DOT) was founded in October 2016 by Gavin Wood, a co-founder of Ethereum, Peter Czaban and Robert Habermeier.
Polkadot is a public multichain and open-source protocol that links and secures a network of specialized blockchains, facilitating the cross-chain transfer of data or asset types, not only tokens, which allows blockchains to be interoperable among themselves.
Based on the most recent data available, Polkadot is currently priced at $5.10, positioning it as the 13th-ranked cryptocurrency within the broader crypto ecosystem.
The circulating supply of Polkadot amounts to 1,203,179,289 DOT, contributing to a market cap of $6,133,500,942, down by 0.21%.
Over the past 24 hours, the value of Polkadot has experienced a modest decrease of 0.24%. The coin has demonstrated a negative downward trend over the past 7 days, marking a significant decline of 7.10%.
However, the 1-month price movement suggests that the asset is experiencing a bullish momentum with a rise of 14.58%. This indicates that, despite the bearish sentiment present in the market, there’s still hope for Polkadot to recover in the long run.
Polkadot Faces Its Share of Dip in the Market
According to CoinMarketCap, Polkadot (DOT) has been performing greatly since it emerged in the market. In the short term, Dot experienced different prices in early June, recording $5.2107 on June 1 and $5.3194 on June 4.
DOT experienced a drop in price to $5.0732 on June 5 but later picked up the following day, June 6, to a high of $5.2083. However, the following day, June 7, the asset experienced a significant price drop, sending the coin to $5.0222.
By June 9, the bearish momentum persisted, and the currency price dropped significantly, trading at $4.9821 by the close of the day.
The price of Polkadot continued to experience a bearish sentiment till June 24, when the bulls took control of the market, and it rose to $5.10.
However, the bulls failed to maintain this price level, resulting in a slight price decline to $4.99 by the end of the month. At the beginning of July, $DOT traded $5.3497 and continued to increase till July 4, when it experienced a slight drop to $5.3472.
On June 5, the price fell by a few pips to $5.2091 and dropped to $5.0260 on July 6. However, it increased slightly on July 7 to $5.1150 Polkadot (DOT) is currently trading at $5.0930, indicating a 0.25% decrease at the time of writing compared to its closing price yesterday.
Technical Price Review Using Technical Indicators
As illustrated in the chart, Polkadot is currently trading below the middle bands of the Bollinger Bands indicator, which suggests that the price has fallen below the average value. This could indicate a potential bearish pressure or a period of consolidation.
However, Traders and analysts may interpret this as a signal of weakness in the market and may look for further confirmation or potential selling opportunities.
As of the time of analysis, Polkadot’s Moving Average Convergence Divergence (MACD) is trading below its signal line; it is considered a bearish signal.
This indicates that the asset’s short-term moving average is below its longer-term moving average, suggesting potential downward momentum. readers may interpret this as a sign to consider selling or taking a more cautious approach.
Importantly, the histogram bars are below zero and show red, further validating the bearish sentiment in the coin.
Bearish Continuation Chart Pattern
As shown in the chart, the coin has broken the rising wedge technical chart pattern and begins to decline; it typically indicates a bearish reversal in the market.
The rising wedge is a technical pattern characterized by converging trendlines with higher highs and higher lows. A breakdown from this pattern suggests that the buying pressure has weakened, and selling pressure is gaining momentum.
However, a strong support level beneath the coin’s current price adds an interesting dynamic to the situation. A strong support level is a price level where buyers historically step in and prevent further decline.
If this support holds, it may impede the bearish movement and potentially lead to a bounce or a consolidation phase. Traders and analysts closely monitor the interaction between the broken rising wedge pattern and the strong support level.
If the support level remains intact, it could indicate a potential reversal or a temporary halt in the bearish movement. However, if the support level fails to hold, it may signal further downside potential.
Experts Predict Steady Price Appreciation for DOT in Short and Long Term
According to the DOT’s short-term price prediction conducted by Ambycrypto, the price of Polkadot is expected to reach an average value of $7.58, and the highest potential price would be at $8.11 by September 2023.
Furthermore, Ambycrypto predicted that by January 2024, the price of Polkadot will likely hit the average value of $13.07 and a maximum price value of $13.99 by January 2024.
Based on the Chagelly price prediction conducted on Polkadot, the price is anticipated to reach a maximum value of $5.61 in December 2023.
However, according to Changelly, the Polkadot price may drop to a minimum of $5.20 or will be trading on an average price mark of $5.41 by the end of 2023.
By 2024, Changelly suggests that the price of Polkadot may experience a surge that will result in a price increase to a peak value of $10.78. According to Changelly, Polkadot’s minimum and average price is assumed to be around $8.44 and $8.69 in 2024.
Factors Affecting the Price of DOT
Two significant factors can influence the price of Polkadot’s coin (DOT).
Market Sentiment and Adoption: The overall market sentiment towards cryptocurrencies, including Polkadot, can substantially impact their price.
Positive sentiment, driven by increased adoption, partnerships, or regulatory developments, can lead to higher demand and price. Conversely, negative sentiment or market downturns can result in price corrections or declines.
Technology and Network Development: The progress and advancements in Polkadot’s technology and network development can significantly affect the coin’s price.
Upgrades, successful implementations, and the launching of new features or applications within the Polkadot ecosystem can generate positive attention and attract investors.
Additionally, developments like improved scalability, interoperability, or governance enhancements can increase confidence in the project and potentially drive up the price as investors recognize the value of the technology.
It is important to note that other factors, such as overall market conditions, regulatory changes, macroeconomic factors, and investor sentiment toward cryptocurrencies, can also indirectly influence the price of Polkadot’s coin.
Therefore, staying informed about these factors and their potential impact is crucial when assessing the price dynamics of Polkadot.
Recent Development Within the Ecosystem
Polkadot Founder Hint on Polkadot 2.0
At the recent Polkadot Decoded 2023 event in Copenhagen, Gavin Wood, the founder of Polkadot, introduced the forthcoming phase of Polkadot’s evolution. Wood revealed the exciting shift from blockchain to blockspace, marking a new era for the platform.
During his keynote address, the founder of Polkadot introduced the Polkadot 2.0 plan, outlining proposed changes that would reshape the platform.
These modifications would focus on the dynamic acquisition of “cores” and bring about a fundamental shift in Polkadot’s architecture.
Polkadot Alternative Ecoterra ($ECOTERRA)
Ecoterra is a groundbreaking project combining environmental sustainability with blockchain technology to address pressing ecological challenges.
It aims to create a decentralized ecosystem that promotes sustainable practices and incentivizes individuals to participate in environmental conservation efforts.
At its core, Ecoterra leverages the power of blockchain to transparently track and verify environmental actions, such as carbon offsetting and biodiversity conservation.
The project rewards individuals and organizations for their eco-friendly actions through smart contracts and tokenization, creating a financial incentive for environmental stewardship.
Furthermore, Ecoterra establishes partnerships with conservation organizations, governments, and businesses to implement impactful environmental initiatives.
Ecoterra offers a novel approach to environmental conservation by aligning economic incentives with ecological goals.
The project fosters a sense of collective responsibility and empowers individuals to make tangible contributions to preserving our planet.
Using blockchain technology and environmental sustainability, Ecoterra presents a promising solution to create a greener and more sustainable future for all.
The coin has a 2 billion token supply total, with 50% available during the presale. The presale is in its final stage with a price of 1ECOTERRA= $0.01. Ecoterra presale began on March 29, 2023, with a hard cap of $6.7 million and has achieved above $5.9 million since its launch.
How to Earn Ecoterra Easily
- Scan: for an instant match in Ecoterra’s AI power, scan the barcode of aluminum, plastic, and glass bottle. Scan your electricity bill to earn ecoterra.
- Recycle: after scanning your goods, find them on the Ecoterra database
- Earning: then visit an RVM to earn Ecoterra
How to Buy Ecoterra
- Create a Crypto Wallet
The first thing an investor must do is to create a crypto wallet to store the ECOTERRA token he bought. Ecoterra uses MetaMask for laptops and Trust Wallet for mobile devices.
- Buy ETH or USDT
Ecoterra can be purchased through presale using ETH or USDT. Investors can buy the tokens from brokers and exchangers. Investors can also go to Ecoterra’s presale dashboard to buy tokens directly using their debit or credit card.
- Link Wallet to Ecoterra Presale
Visit Ecoterra’s webpage and click “Connect Wallet.” In the box that will pop up, select the important wallet provider and follow the instructions to make it link.
- Purchase ECOTERRA Tokens
After the wallet has been linked, investors can input the amount of USD/ETH/USDT they prefer to invest. There is no limit to the investment amount for the presale.
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