Polkadot-based stablecoin aUSD depegs after Acala Network breach

Acala Network, the decentralized finance hub of Polkadot, was breached and its stablecoin depegged from the dollar. The post Polkadot-based stablecoin aUSD depegs after Acala Network breach appeared first on The Block.

Timeline of Polkadot-new

Polkadot price analysis shows that the bearish spree continues as DOT slips below the $9.24 support. The DOT/USD pair is currently trading at the $9.32 level, down by more than 1.62 percent in the past 24 hours.

Polkadot $9.98 resistance retest eminent according to market indicators and our analysis. Price analysis of Polkadot (DOT) shows that a strong bullish trend propelled the stock to a $9.54 high.

The $8.85 breakout rally aligned with decreasing volume indicates a loss of bullish momentum. Thus, a retracement to this breach resistance is plausible, which may offer a suitable launchpad for buyers to resume the ongoing recovery.

The Polkadot price analysis indicates that the bullish momentum has brought the price to the $9.54 level and more improvement in the coin's value is to be expected in the coming hours.

Last week, millions of dollars were hacked from Solana's (CRYPTO: SOL) ecosystem. While its blockchain wasn't hacked directly, hackers were able to drain funds from Solana wallets.

Pastel Network, a leading purpose-built blockchain and protocol standard for non-fungible tokens (“NFTs”) and Web3 technology, is teaming up with Parity Technologies. The integration will enable both native parachains and decentralized applications across the Polkadot ecosystem to leverage Pastel's powerful technology, providing added security for projects and users.

After a “wow” performance last week, Polkadot [DOT] has reversed to digging for new red levels. Recall that DOT was the best performing cryptocurrency among the top coins on CoinMarketCap during the aforementioned period.

Flow was in the green to start the week, as the token climbed to its highest point since May. The surge has seen prices rise by as much as 15% on Monday, as recent gains were extended. Polkadot was also higher, as it too cemented multi-month highs.

According to Santiment Feed, the token age users have consumed on the Polygon network reached a new record high. The crypto analytics network noted that the number of dormant and old addresses moving large amounts of MATIC has increased.

The price of Polkadot (DOT) shows strength after bouncing from key support on the weekly chart against Tether (USDT). After Bitcoin (BTC) bounced from its monthly low of $19,000, this signaled a relief for other crypto altcoins including the price of Polkadot.