Polkadot Price: DOT/USD on edge amid contagion risks

2022-11-17 14:57

Polkadot price has been in a strong bearish trend in the past few days as the crypto sell-off gains steam. DOT/USD was trading at $5.631, which was slightly below this week’s high of $6. This price is also about 25% below the highest point this month.

Polkadot ecosystem challenges

Polkadot is one of the biggest blockchain networks in the world. DOT, its coin, has a total market cap of over $6 billion, making it a top-ten cryptocurrency. At its peak, it was valued at over $30 billion.

Polkadot was created by Gavin Wood, a co-founder of Ethereum, one of the biggest blockchains in the world. The two networks have a similar goal of making it possible for people to build decentralized platforms.

Polkadot’s goal is to unite networks of heterogeneous blockchain shards called parachains. A parachain is a sovereign blockchain that can have its own token. Some of the most popular parachains are Kusama, Acala, and Litentry.

The heart of Polkadot’s ecosystem is a product known as a relay chain. It is an important technology that is responsible for the network’s security, consensus and cross-chain interoperability. Bridges are also important in Polkadot’s ecosystem. They enable Polkadot shards to connect to and communicate with external networks like Ethereum and Solana.

Polkadot price has been in a strong bearish trend in the past few months. The most recent reason for the crash is the ongoing collapse of FTX, the second-biggest exchange in the world after Binance. The collapse of the company has led to fears of contagion in the industry. As a result, the crypto fear and greed index has dropped to the extreme fear level.

At the same time, there are concerns about Polkadot’s ecosystem. In the past few months, the total value locked in key parachains like MoonRiver, MoonBeam, and Acala has been falling.

Polkadot price forecast

                        DOT/USD chart by TradingView

Is it safe to buy Polkadot? The Renko chart above shows that the Polkadot price has been in a strong bearish trend in the past few months. It managed to drop below the important support level at $6.27, which was the lowest level on July 12. This price was also the neckline of the head and shoulders pattern.

DOT/USD price has moved below all moving averages while the Awesome Oscillator has moved below the neutral level. Therefore, the coin will likely continue falling as sellers target the next key support level at $5.0.

How to buy Polkadot

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

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Bitpanda

Bitpanda is a digital assets brokerage company. It has grown to become one of the most popular crypto exchanges in the world, as it offers a user-friendly interface, it has developed a bunch of great features and it offers a variety of coins to invest in. Bitpanda has also built a reputation for security, and it has never experienced a hack of its data before.

Buy DOT with Bitpanda today

The post Polkadot Price: DOT/USD on edge amid contagion risks appeared first on CoinJournal.

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price polkadot dot usd below week 631

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