Polkadot Rallies but Holds Steady at the $6.60 Peak

Polkadot (DOT) is in an upward correction as it breaks above the moving average lines. The cryptocurrency value rose above the moving average lines, but got stuck at the 50-day line SMA. The altcoin has been fluctuating between the moving average lines since October 25.

Timeline of Polkadot-new

Investors continue to remain concerned about the security of the Polkadot ecosystem. Slowmist, a blockchain security firm, recently revealed that over $52 million in cryptocurrency was hacked in the Polkadot ecosystem in the third quarter of 2022.

Polkadot price analysis is showing signs of bearish activity, as the bears have returned back to the price charts. After spiking high earlier, the price went down during the last 24 hours, but the bulls also managed to escape the bearish pressure at some points.

Polkadot price analysis suggests sideways movement between $6.40 and $6.60 The closest support level lies at 6.45 DOT faces resistance at the $6.50 mark The Polkadot price analysis shows that the price action finds resistance at the $290.00 mark and has fallen back below the $6.50 mark as the bulls recuperate.

With the most recent proposal, Polkadot has shown that it is committed to preserving the value of all DOTs on the network. Referendum 78 is a proposal that was put forth by Polkadot that would allow for the establishment of nomination pools on Polkadot.

Polkadot price analysis for today shows an improvement in stability after a period of bullish momentum. DOT is currently trading at $6.52, with resistance present at $6.60 and support at $5.93.

Polkadot [DOT] recently released the latest edition of its weekly digest, which mentioned all the notable developments that happened in the ecosystem over the last week. All of the developments looked quite promising as they helped increase the capabilities of the network while adding more value to it.

The Polkadot price analysis is bullish for today as the bulls have continued their lead for the last 24 hours. The coin price has recovered to $6.19 due to continuous bullish efforts the DOT/USD pair faces resistance at the $6.20 level.

The cryptocurrency market cap saw net outflows of $1.11 billion over the past 24 hours, pushing the total to $929.47 billion as of press time. The post CryptoSlate Daily wMarket Update – Oct. 24: Polkadot sees slight gain as market rut continues appeared first on CryptoSlate.

In a blog post, Wood admitted that being a CEO was a role he had never coveted — and having this position for a prolonged period of time would not give him "eternal happiness."

Gavin Wood is stepping down from his position as CEO of Parity, the development firm behind interoperable blockchain Polkadot (DOT). In a new company blog post, Polkadot co-creator Gavin Wood says he's leaving his position to spend more time on making blockchain technology more relevant to the public.