While the entire crypto space is trending within a very narrow region, some assets are showcasing huge tendency to ignite towards the north. The reason behind may be the pattern breaks or some network updates. Yet the assets like Polkadot which possesses huge bullish network updates with the possibility of huge upward trajectory, yet the DOT price appears to be much unaffected from the positive developments.
No Impact of Parachains
The Polkadot network is the first heterogeneous sharded blockchain ecosystem to deploy five blockchains.The first five parachains, Acala, Moonbeam, Parallel Finance, Astar, and Clover, were supposed to have a favorable impact on price, according to proponents.During the massive launch event of the first five parachains as they went live on the network, the DOT price remained unchanged.
Well back during the launch of Ethereum’s EIP 1559 upgrade, Cardano’s Alonzo hard fork or Polygon’s ZK roll ups and now the Polkadot Parachains have left no impact on their respective native tokens.
Polkadot Price Analysis
Currently, DOT price still hovers within the narrow region finding more lower highs and lows, following a notable downtrend.
- The DOT price since the recent sell-off was trending within a descending channel since the beginning of the present trading month
- The asset took a small drag below the support levels but only for a short period, however quickly gained bullish momentum and broke through the consolidation.
- The platform also witnessed a notable influx of volume which assisted the price to range high and head towards the nest resistance levels.
- However, the DOT price appears to be un impacted from the recent parachain launch and underwent a minute swing
- The asset needs to hit the immediate resistance levels that reside along the 200-day MA at $28.86 in order to certify with the uptrend
Collectively, the DOT price remained still unimpacted with the upgrades. Therefore the Polkadot price is subjected to a remarkable rally if in case the buyers enter the ring and infuse huge liquidity.