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Polkadot: Why Recent On-Chain Feats Could Trigger Strong Investor Sentiment 
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Polkadot: Why Recent On-Chain Feats Could Trigger Strong Investor Sentiment 

Christian Encila
Christian Encila
2 years ago
4 mins read
Polkadot

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Polkadot has been riding the crypto wave since the start of the broader market rally. According to CoinGecko, the biggest gainers in the entire space are altcoins. Polkadot (DOT) is among them.

Although the token has been finding gains in the past two weeks, DOT has been down almost 3% in the past 24 hours. This has been the price action since the token has been rejected on the $6.5 price resistance range.

At the time of writing, DOT is trading at $5.78, up 21% in the last seven days, data by Coingecko show.

With recent developments and metrics, can DOT strengthen investor sentiment? 

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What’s Happening On-Chain? 

Polkadot Insider is an account dedicated to developments on the network. According to the account, the Nakamoto coefficient of the ecosystem is higher compared to competitors. This means that the ecosystem is sticking true to the main tenets of DeFi which is decentralization. 

NC metric minimum number of validators required to make up 33.3% of network staking share to prevent a bad validator from manipulating transactions. The higher value means higher decentralization 🔥

And @Polkadot is ranked #1
Details 👉 https://t.co/RFm2gfZGzp #Polkadot $DOT pic.twitter.com/BAYfKWE9FU

— Polkadot Insider (@PolkadotInsider) January 15, 2023

Parachain development is also going through the roof. Kusama Network, one of the main parachains on the platform, has 10 projects in development with over 20 investors. With Dora Project having over 45 investors, Santiment notes a continuous uptick in development activity. 

1/ Polkadot nomination pools have hit another milestone – just 2 months after launch, more than 1,000,000 DOT has been bonded by pool members!

Check the 🧵 to learn more about Polkadot nomination pools and how to stake natively on Polkadot.

To start staking now 👇

— Polkadot (@Polkadot) January 13, 2023

The network also reached an achievement in the staking department. Nomination pools recently reached 1 million DOT bonded by pool members. Staking on-chain was made easier because of the ecosystem’s nomination pool system which allows users to stake a minimum of 1 DOT. 

With users on the platform having easy access to staking, DOT is expected to continue its momentous climb. 

How Will Polkadot React? 

The rejection at $6.5 is the only thing delaying the token’s climb to recover lost ground after FTX collapsed. If the token continues its current downward momentum, the bears will have an opportunity to test the $5.5 support in the next few days. 

However, if the token can reverse its momentum, a retest and a possible breakthrough on $6.5 price resistance level would enable DOT to regain lost momentum from last year’s FTX crisis.

With the token riding the altcoin rally, DOT’s high correlation with Bitcoin would benefit it if BTC continues to break through crucial resistances.

DOT total market cap at $6.7 billion on the daily chart | Chart: TradingView.com

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Improving macro trends and an optimistic financial sector would ensure the strength of the rally is on track. Investors and traders should be cautious of the token’s overbought position which could strengthen its downward pacing.

The current correction that DOT is facing is probably profit-taking behavior by investors and traders. We should expect volatility in the DOT market as the token’s downward trajectory tests its current support at $5.5.

Featured image by Freepik

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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