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Polkadot is currently trading at $6.34 with a weekly loss of over 10%.
Interconnected blockchains are facing pressure from the ongoing cryptocurrency selloff.
The technical chart shows more weakness as the price retest support zone.
Polkadot DOT/USD has hit bottom and is currently trading at $6.34. The price represents a 10.85% loss over the past week. DOT continues to struggle with overall crypto bearish market sentiment. The hawkish Fed and BoE rate hikes are weighing on tokens just like the rest of digital assets.
Equally important is the political instability rocking Eastern Europe. A possible escalation of the Russian-Ukrainian conflict could be imminent. Russian President Vladimir Putin has called for partial mobilization to send more troops to Ukraine.
At the micro level, Polkadot continues to release regular upgrades to power the blockchain. Parachains also provide stable performance. A Polkadot Insider report ranked Moonbeam’s GLMR token as the most traded on the network as of his Sept. 20th. Parachain trading volume was $12.5 million. MoonRiver’s corresponding MVR token followed at $6.3 million.
In the past week alone, Polkadot has averaged over $77 million in transfers on an average of 1,200 new accounts per day.
More positive fundamentals are associated with the platform’s new staking protocol. The vDOT staking liquidity pool by Bifrost reported 121,551 minted tokens four days ago. Bifrost Finance is Polkadot’s top parachain and one of his leading staking platforms.
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Source: Trading View
According to the daily chart above, the DOT fell from $8 to just above $6 in just 10 days. A trend of low highs and low lows represents a loss of 25%. The RSI shows some buying, but the DOT faces a possible bottoming at the 20-day and 50-day moving averages.
A drop in the DOT is not an ideal buying opportunity at current levels. The logic remains that price is looking very bearish below key levels. The DOT is also trading above the oversold zone with the RSI at 38.
