Dekodavimas, kodėl Polkadot [DOT] stengiasi atgauti palaikymo lygį

After a “wow” performance last week, „Polkadot“ [DOT] has reversed to digging for new red levels. Recall that DOT was the best performing cryptocurrency among the top coins on CoinMarketCap metu the aforementioned period. 

However, DOT has only produced losses for investors with the coin in the portfolio over the last 24 hours. As of 9 August, DOT was trading at $9.02, only to have fallen to $8.59 on the same day. At press time, DOT had surged to $8.70, which still represented a 2.92% nuosmukis from the day before.

New upgrades but…

Coincidentally, there have been new atnaujinimai to the Polkadot ecosystem. On 10 August, Polkdaot approved a relay chain upgrade. After being pasiūlyta earlier, the upgrade was aimed at improving runtime migrations and database operations on its chain. 

Also, Polkadot Insider, an analytics platform focused on the Polkadot ecosystem, reported that some top crypto projects on Binance have been added to the chain. They include Grandinėlė [LINK], Kusama [KSM]ir Phala Network [PHA], be kita ko.

? @binance yra didžiausias #cex exchange in the crypto market. Being listed on #Binansas partly shows the legit of the projects.

Below are top projects on @taškuotas that you already can trade/buy/sell on the #Binansas exchange. Let’s check it out#Taškuotas #TAŠKAS $ DOT USD BNB USD KSM pic.twitter.com/N2QpnMmafN

- „Polkadot Insider“ (@PolkadotInsider) Rugpjūtis 10, 2022

These upgrades helped increase the development activity of DOT, according to Santimentas. Although it rose to 71.23 on 5 August, the development activity had reduced to 63 at press time, which meant it was at an improved stage compared with its stance on 25 July.

Šaltinis: „Santiment“

Is DOT losing it?

Another concern for DOT investors is the coin’s inability to hold its support lately. The four-hour DOT price chart showed that the coin has been following a downward trend.

After holding the $9.05 support on 8 August, DOT has failed to maintain any other one with the $8.64 lost and $8.53 zone on the brink.

Other indicators showed that DOT struggled to resist selling pressure, and a bearish momentum could remain for a while.

The Bollinger Bands (BB) also indicated that there was increasing volatility with signals for DOT to get even more volatile. 

Šaltinis: „TradingView“

With its current state, the pressure on DOT could likely be why the development activity had not influenced a price uptick. So, is it just that?

Interestingly, it might not be all over for short-term DOT investors. This is because a few other indicators showed a chance of a price rise.

The Relative Strength Index (RSI) maintained a neutral stance, with its position closer to sustaining buying momentum.

Similarly, the 20-day Exponential Moving Average (EMA) in blue was above the 50 EMA, indicating that greens can appear. 

Šaltinis: „TradingView“

Finally, investors need to note that the RSI and EMA results do not entirely neutralize the projections of the BB.