Polkadot (DOT) can be observed to be trying to get on an uptrend. As the dust settles, the cryptocurrency market is slowly recovering. Most cryptocurrencies in the top hundred have turned green for a sustained period of time after a brutal crash that shocked everyone. Polkadot’s growth in the past twenty-four hours is a mere 2%; however, the fact that the cryptocurrency has embarked on a somewhat of an uptrend is more important. The daily trading volume of the cryptocurrency has declined by 24%. Ranked ninth in terms of market capitalization, Polkadot’s market dominance is at 1.25%.
Polkadot (DOT) Technical Analysis
Despite the bullish move, the market sentiment for Polkadot largely remains bearish. Polkadot has been lagging in bullish momentum ever since the market started to recover where other cryptocurrencies have been zealously on the upside move. Out of the twenty-six technical indicators, fourteen are giving out a signal of sell, ten stand at a neutral position while two indicators suggest buy.
Polkadot (Dot) has been identified by a trader to be operating in a triangle formation. The cryptocurrency broke from the formation to the upside a few days ago amidst bullish divergence; however, the upside momentum cannot be sustained as the cryptocurrency got rejected at the resistance level. Ever since Polkadot has been oscillating in the formation. The price is on a downtrend, at the time of writing.
Decentralized data feeds now on Polkadot (DOT)
API3 – a decentralized API provider – has announced to integrate with Moonbeam – the platform which facilitates the process of the Ethereum application’s compatibility with the Polkadot blockchain. Moonbeam is a smart contract platform through which users can employ Ethereum on Substrate and Ethereum developers can also develop their decentralized apps. Moonbeam has cross-chain operability with Polkadot. The integration of API3 and Moonbeam will bring decentralized APIs to Polkadot.