Author
Steve Muchoki
Let’s talk web3, crypto, Metaverse, NFTs, CeDeFi, meme coins, and Stocks, and focus on multi-chain as the future of blockchain technology. Let us all WIN!
Key Notes
- Polkadot network has grown to more than 1.3 million holders, with over 848 million coins staked to secure the ecosystem.
- The Hyperbridge protocol launched on the Polkadot network with the support of Ethereum, Optimism, and BNB Chain among others.
As Bitcoin BTC $96 069 24h volatility: 0.3% Market cap: $1.90 T Vol. 24h: $90.10 B leads the altcoin market in a bullish breakout, Polkadot (DOT), an open-source sharded layer-0 metaprotocol enabling seamless cross-chain transfer of data and assets, has signaled imminent rebound ahead. The mid-cap altcoin, with a fully diluted valuation of about $6.4 billion and a daily average traded volume of around $256 million, rallied over 5 percent in the past 24 hours to trade around $4.28 on Friday, November 8, during the early New York session.
From a technical analysis point of view, DOT price DOT $9.87 24h volatility: 1.6% Market cap: $15.01 B Vol. 24h: $2.23 B has been forming a macro reversal pattern in the past year. In the weekly time frame against the US dollar, the DOT price has established a robust support level above $3.6, having retested it three times.
In the daily time frame, DOT price has successfully broken out of a falling logarithmic trend and signaled the beginning of a new bull market ahead. Furthermore, the weekly Relative Strength Index (RSI) has been forming a rising divergence. Additionally, DOT price has been bleeding against Bitcoin and Ethereum for the past three years,
However, the bullish narrative for DOT price will be invalidated if the altcoin consistently closes below the support level of around $3.6 in the near term.
$DOT is Once again Breaking out of Falling Wedge Pattern after Long Downtrend..📈
Expecting up to 2x Bullish Rally in the Coming days so Don't miss the Ride..#Crypto #Polkadot #DOT pic.twitter.com/44UtelMkq8
— Captain Faibik 🐺 (@CryptoFaibik) November 8, 2024
Why Bet on Polkadot in the Upcoming Altseason
The cryptocurrency market is entering the most parabolic phase of the macro bull market, which was triggered by the fourth Bitcoin halving earlier this year. Although institutional investors have aggressively accumulated Bitcoin in the recent past, the trend is expected to shift to the altcoin market following the victory of pro-crypto candidates in the United States.
The crypto fund rotation will heavily favor top altcoins, as observed with a notable increase in cash inflows in the US spot Ether ETFs. The demand for utility coins, especially in the DeFi sector will continue to rise in the coming months, triggered by the anticipated reversal of the Bitcoin dominance.
The Polkadot network has positioned itself as a leader in the cross-chain interoperability space through its parallel chains dubbed the Polkadot Relay Chain. In a bid to enable seamless cross-chain transfer of assets, Hyperbridge, a cryptoeconomic coprocessor for verifiable interoperability powered by consensus and storage proofs, announced the launch on the Polkadot network.
Hyperbridge is one of the most innovative applications on @Polkadot and I'm super excited for it.
We have a great coprocessor framework in the form of Polkadot cores – let's use that to transmit messages quickly and securely between L2s without needing expensive ZK proofs! https://t.co/HK0XUB228f
— asynchronous rob (@rphmeier) November 8, 2024
Through the launch of Hyperbridge on the Polkadot network, users can now also access services from other support networks including Ethereum, Optimism, and BNB Chain among others.
Other notable projects that leverage the Polkadot network to enable cross-chain connectivity include 21.co, and Ankr liquid staking, among others. As a result, the Polkadot network takes price in more than 1.3 million holders, with over 848 million DOT coins staked to secure the ecosystem.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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