Polkadot Price Watch: What A Drop In This Key Area Can Mean For DOT?

OK Polkadot (DOT) – which is seen to be on a winning streak in terms of social media metrics and development activity  – has been on a retreat recently. DOT social media metrics nosedives  Polkadot's decline in developer activity could leave a bad taste in the mouth of investors DOT's NFT volume off to as high as 1.64 million on September 24  Is this sudden drop in both metrics just a temporary hiccup or could be a warning signal to investors?

Timeline of Polkadot-new

The issuer of the largest stablecoin by market cap is announcing the launch of the dollar-pegged crypto asset on Ethereum (ETH) challenger Polkadot (DOT). In a new company blog post, USDT issuer Tether says the top stablecoin is now available on the Polkadot blockchain as a means of increasing its presence in decentralized ecosystems.

A potential bullish reversal from the $6 mark will validate it as a high accumulation zone. To enforce the reversal theory, the coin chart showed the formation of a double-bottom pattern.

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Polkadot price analysis shows that the value has started today's session on a bullish note as it rises to the $6.35 mark. The value is currently testing the resistance at $6.42, and a breakout above this level could see DOT/USD increase towards the $7.00 mark.

Polkadot (DOT) could validate a long-term bullish pattern with a breakout from a short-term descending wedge. The post Polkadot (DOT) Price Pumps on Tether News, Breakout Looking Likely appeared first on BeInCrypto.

The market capitalisation of all digital assets, including cryptocurrencies, surpassed $3 trillion in November of last year. Many ordinary people received double-digit or even triple-digit profits on their investments in 2022.  Since then, though, several cryptocurrencies have suffered losses. Coins and the blockchain technology that supports them continue to attract a lot of attention.

Polkadot, which had a high development activity for quite some time, saw a decline in the same recently. Along with that, there has also been a dip in DOT's social media presence as well.

Polkadot price analysis indicates that the DOT/USD pair is currently trading at $6.25 and is maintaining a bearish trend. The bears are currently in control of the market and are likely to push the price down to $6.24 in the near term if the current trend continues.

Polkadot [DOT]‘s Twitter news handle, Polkadot Insider, posted an interesting update on 23 September 2022. As per the update, development activity contributors performance on the network in the last seven days witnessed an upward trend.

Polkadot price analysis for today shows that the cryptocurrency has seen a bullish breakout from a symmetrical triangle pattern. The breakout from the triangle pattern has occurred after a period of consolidation below the $6.25 support level.