Polkadot (DOT): price, updates, latest developments, community, future events
- Polkadot has announced the dates for the next five Parachain auctions on the network
- The auctions start on September 1st and end on September 29th
- The DOT has fallen sharply after a bullish breakout hit the token high at $ 29.35 on August 21
- On September 23rd and 24th, Polkadot founder Gavin Wood will speak about the decentralized future on Unfinished Live
The famous killer Polkadot has received a barrage of good news for his development team. After completing its first Parachain auctions, Polkadot has announced the schedule for the next series. How has the price of DOT reacted?
The price of DOT experiences a significant downturn after a bullish breakout. The downtrend that began to hit the market about 48 hours ago is still ongoing.
In the past 24 hours, the DOT token is down 10.8%, making it the second biggest loser among the top 10 biggest cryptos.
Polkadot (DOT) five-day price chart. Source TradingView.com
DOT is now trading at $ 25.05. The downtrend now means that DOT has a market cap of $ 24.8 billion, the ninth largest of all cryptocurrencies.
The upcoming Parachain auctions on the Polkadot network are expected to give the DOT token some upward momentum. A Twitter (NYSE 🙂 user identified as Edwin Grinner wrote;
I think batch 2 of the Parachain auction on @kusamanetwork is going to be explosive and exciting. My birds are up for auction. And you? $ KSM $ BSX $ KILT
Recent developments and future events
One of the most anticipated developments in the polkadot community is here; Bulk loans. The crowdloan is an on-chain method to help parachain teams increase the token bond required to participate in a parachain slot auction.
The announcement of crowdloans will lead to the next big event in the network. The second batch of the Parachain auction is an event between Polkadot and Kusama, where members of the community vote for projects that intend to build on one of the blockchains.
The first batch of 5 Parachain slot auctions on Kusama was successfully completed in June and July. Karura, Moonriver, Shiden, Khala and Bifrost emerged as the winners of the Parachain auction. Kasuma has announced the dates for the following five auctions as;
- Auction 6th – 1st September 2021
- Auction September 7th – 8th, 2021
- Auction September 8-15, 2021
- Auction September 9-22, 2021
- Auction September 10-29, 2021
The DailyCoin team found a lot of enthusiasm in the Polkadot community about the upcoming Parachain auction. A Twitter user identified as Cryptunix wrote;
“There’s a BIG chance that most people don’t even know about the upcoming Kusama and Polkadot Parachain auctions. Let alone understand its mechanisms and how it affects the $ KSM and $ DOT price. Parachain auctions are basically the mother of all ICOs / IDOs. ”Another ardent supporter of Polkadot, Jame Wo, believes so
“Participating in the Polkadot & Kusama Parachain auction could be the best way to invest!” On September 23rd and 24th, Polkadot founder Gavin Wood will be featured on Unfinished Live. There Wood will join Parity Technologies and the Web3Foundation to discuss a decentralized future and “how new technologies can fulfill the promise of a decentralized web”.
On the downside
- Despite the tremendous advances made by the Polkadot ecosystem that made it the ninth largest cryptocurrency, members of the Polkadot community still believe the project is undervalued
- This year, DOT is up more than 270%
- Members of the community believe that after the auction, DOT will surpass $ 40 for a new 3-month high
Polkadot (DOT) Price: Technical Analysis
After its July low, Polkadot made price movements that we have not seen in the token for a long time. After dipping as low as $ 10.42 on July 20, DOT tokens saw a 185% gain – their high on August 21.
The highest value recorded for the DOT token was $ 29.35. In the 32-day period, the bullish momentum was only interrupted by seven negative days, with only one day exceeding -4%.
The daily chart of DOT shows the sharp rise from July 20th: Source Binance
This drop in price has caused the DOT to fall below the 70.5% Fibonacci retracement level at $ 25.06. If selling pressures push DOT below the $ 24.08 support level, we could see the price of Polkadot retest the range lows at $ 23.25.
The 4H diagram from DOT: Source Binance
For the bulls to step in, we need to close a crucial 4H candle above $ 25.06. If so, Polkadot is ready to retest the 50% Fibonacci retracement level at $ 26.32.
For now, we’ll have to wait until price action gives us more clues as to whether the bulls are holding onto their quick-earned gains or bravely adding more.
The polka community
Polkadot remains one of the most heavily community-involved blockchain projects. Recently, DOT holders voted to increase the number of validators from 300 to 399. However, not enough votes were collected to pass.
In relation to the upcoming auction, a passionate polkadot devotee, identified as Peggy Dowell, wrote;
The cool thing about #Kusama and #Polkadot is that they can each use a candle auction format to assign #parachain slots. There are many good sources that explain how this mechanism works in practice
Why should you care?
Since the introduction of Polkadot, it has been a popular altcoin for many users due to its growth. There are currently over 480 projects that build on the Polkadot blockchain and highlight the efficiency of the network. In addition, the upcoming Parachain auction is expected to add significant features to Polkadot and give DOT a price boost.
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