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Polkadot Price Prediction: The Moonbeam ecosystem is growing

 


Polkadot price has not been left behind in the ongoing cryptocurrency sell-off. The DOT token is trading at $17.15, which is about 68% down from its peak in November of last year. It is also close to its lowest level since August 2021.


Why the DOT price crashed

Polkadot is a leading blockchain project created by Anthony Wood, a computer scientist. The network is intended to be the ideal platform for developers in Web 3.0 and other decentralized projects.


Polkadot uses several key technologies to differentiate itself from other projects. For example, it uses a relay chain technology responsible for security, cross-chain interoperability, and consensus.


Polkadot also uses parachains, which are independent blockchains that can have their own tokens and operations. Also, it has parathreads and bridges.


The DOT price has struggled in recent months as investors worry about rising inflation and the general move to high interest rates. The Federal Reserve is expected to start raising interest rates this week. This also explains why other cryptocurrencies like Bitcoin and Ethereum have all retreated.


The other reason is that investors are worried about Polkadot's ecosystem after the successful parachain auctions in 2021. Overall, the auctions raised billions of dollars. For example, Acala raised 32.5 million DOTs worth over $1.25 billion.


There are concerns about the overall growth of these ecosystems. On Friday, Moonbeam announced that it has seen remarkable growth two months after launch. It has processed over 3 million transactions while staking over 92 million of its tokens.


Several projects have already been created using the network. Some of them include Bitcoin Suisse, Curve Finance, Solarbeam, and Nova Wallet, among others. Still, it's still too early to predict whether Moonbeam and other Polkadot projects will be successful.


Polkadot Price Prediction



The daily chart shows that the DOT price has been in a bearish trend for the past few months. A closer look shows that it has stayed below the 25-day and 50-day exponential moving averages (EMA) for a while. This is a signal that the bears are still in control.


At the same time, polkadot price has moved below the 78.6% Fibonacci retracement level, while the Relative Strength Index (RSI) is at the neutral 50 level.


Hence, the path of least resistance for the coin is to the downside, with the next key level at $14.20.

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