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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Polkadot Soars 8% In Last 24 Hours Courtesy Of Its Dev’t Activity, NFT Ecosystem Growth

Christian Encila
Christian Encila
2 years ago
3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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With the use of relationships with parachains, Polkadot will be able to expand its ecosystem’s capabilities and reach new heights. Moonbeam Network and its subsidiary, Moon River, have joined forces with Bifrost recently.

There’s hope for Polkadot, and here’s a quick article at how the crypto has been faring: The DOT’s price went up because of some major changes on the chain. However, according to the indicators, the negative outlook remains intact.

Based on a recent tweet, the integrations have not only enabled liquid staking for GLMR and MOVR tokens, but they have also caused a dramatic increase in developer engagement within the ecosystem.

This, as this tweet attests, is what propelled Polkadot into the ranks of the most active blockchains.

We’re happy to announce that $vGLMR & $vMOVR liquid staking is Live on Bifrost!🌈

Thanks to the @Polkadot #HRMP channel and the yield-bearing vToken derivatives, @MoonbeamNetwork & @MoonriverNW community can enjoy increased token liquidity and rewards:https://t.co/15mSRH8BpR
🧵

— Bifrost (@bifrost_finance) November 21, 2022

During this same time period, sales of NFTs grew, indicating progress for Polkadot in this arena as well. CoinMarketCap reports an 8 percent gain in the price of DOT in the last 24 hours as a result of these events. However, can DOT keep up this pace?

Optimism Lingers For DOT

While there is little doubt that ecosystem trends are encouraging, multiple signs suggest that investors may be getting carried away. We may deduce that the current price action is not a solid rally for DOT from the fact that MFI numbers are falling.

1/3
An exciting integration in the Dotsama ecosystem! 🎉@bifrost_finance provides something unique for @MoonbeamNetwork and @MoonriverNW parachains! 🚀

The Liquid Staking for $GLMR and $MOVR Tokens. 🪙
Watch the video to learn more: ⬇️https://t.co/PNDCVBWJ1f pic.twitter.com/Hr3Zk6tyX1

— Polkadot Ecosystem PromoTeam (@PromoTeamPD) November 22, 2022

The token was previously rejected at $5.43, which was the price level breached by bears in the preceding days. Not to add the bearish crossover of the RSI indicators. A Bollinger Band compression zone is also enhancing this rejection.

The present support at $5.18 is a little fragile, as it may let bears to enter the market and wipe all today’s gains for DOT. The EMA ribbon is also blinking red, indicating that shorting DOT is significantly more lucrative than going long.

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Image: TradingView

This is reflected in CoinGlass, as the cryptocurrency tracker indicates that the majority of investors and traders are shorting the token rather than going long.

Chaikin’s money flow index is similarly bearish with a reading of -0.05, confirming that a positive trend reversal for DOT is not probable at this time but may occur in the future.

Polkadot Price Forecast

Surprisingly optimistic ecosystem trends do not necessarily convert into real-world benefits. This is the case for DOT since technical indicators do not confirm the recent story of sunshine and rainbows.

Investors and traders should exercise caution with DOT. If the price fails to surpass the ceiling at $5.43, a retest of the existing support at $5.18 is probable.

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DOT total market cap at $6.12 billion on the daily chart | Featured image from The Coin Republic, Chart: TradingView.com
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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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