Skip to main content

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.

My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
BetFury - Play And Earn BFG for daily Bitcoin and ETH dividends!
Pipeflare - Faucet that pays in ZCash and Matic, Games pay in DAI
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
Torum - Join the latest Social Network and earn TRM for Free! 
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FaucetCrypto - An earning/faucet site that pays out instantly
FireFaucet - An earning site that pays better for some than Cointiply
DogeFaucet - Dogecoin Faucet
xFaucet - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, FEY - Claim every 5 minutes
Konstantinova - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BNB, ZEC, USDT, FEY, 25 Claims Daily

Comments

Post a Comment

Popular posts from this blog

From offchain to offchain: Statechains meets Lightning

  Without a doubt, the most significant off-chain Bitcoin solution is the Lightning network. But in its wake, the statechain has emerged as an intriguing replacement. There is currently a proposal to link the two offchain networks. From an ocean, for example, you can see sunbeams glistening in the water, waves rippling, and possibly a jellyfish drifting toward the light. But you only see a small portion of it. The distance from the sea's surface to its bottom is hundreds of meters. It has dozens of different fish species swimming in it, crabs and starfish crawling on the bottom, shells clinging to rocks, and sea plants climbing up. A completely new world starts where your gaze diverges. You can picture a blockchain like Bitcoin, just like the sea. What you see on the outside is only a small portion of what is actually there; the set of UTXOs (coins) and transaction history that full nodes store are just the beginning of a much larger world. It's the plan, at least. With Bitcoin
Post a Comment
Read more

MSP Recovery and Tokenology aim to optimize healthcare with the help of Polygon

  MSP Recovery LLC, a Miami, US-based healthcare provider with an estimated enterprise value of $32.6 billion, is partnering with Web3 company Tokenology to jointly launch a new blockchain platform called Lifechain. Lifechain wants to leverage the verifiable and transparent nature of blockchain technology to aggregate medical care claims, medical expense reports and patient data and streamline their processing. For this purpose, MSP Recovery launched its own LifeWallet in January, which already has 1 million users. In addition to the wallet and blockchain platform, an associated crypto token called LifeCoin is also used. The press release explains that the primary purpose of the system is to enable secondary healthcare providers to more effectively bill health insurance companies for their costs. “The number of medical claims tokenized going forward will surpass $50 million per day by 2024. For this we need scalability, security and sustainability, which we have only found with Polygon
Post a Comment
Read more

Phishing attack on popular crypto sites tries to empty wallets

  Several major crypto sites such as Etherscan, CoinGecko, DeFi Pulse, and others report malicious pop-ups scammers use to try to trick users into connecting their MetaMask wallets. The phishing attack came from a domain displaying the Bored Ape Yacht Club (BAYC) logo. "We are investigating the root cause of this attack to fix the threat as soon as possible," CoinGecko founder Bobby Ong tweeted. The phishing attack appears to have been triggered by a malicious ad script from Coinzilla, a crypto ad network, according to CoinGecko. Etherscan also advises its users not to confirm any transactions that may appear on the website. The attackers attempted to use the hype around the “bored monkeys” non-fungible tokens (NFT) to gain access to the cryptocurrencies of unsuspecting website visitors. Although the websites affected by the scam attempt have reacted in the last few hours and deactivated the advertising pop-up, it is still recommended not to connect your MetaMask wallet to ne
Post a Comment
Read more