With fewer projects in the works, Polkadot (DOT) is trading below $7

After showing signs of improvement earlier this week, Polkadot (DOT) failed to reach the fragile resistance margin and repeatedly traded below $7.

Due to its failure to break above the 20-day simple moving average (SMA), a significant resistance level, Polkadot is once again trading below $7. $DOT traded above $7 earlier this week, showing early signs of recovery following a successful weekend. Additionally, Polkadot saw a decline in developer ventures, which helped to boost its trailing pattern.

Hardly a week ago, Polkadot ($DOT) exhibited indications of recovery, making business at $7.11 post a fortunate weekend. On Monday, $DOT encountered substantial resistance and fell back into a downward trend. Things turned optimistic during the Tuesday market hours as buyers grabbed hold late on Monday, with prices rising from 4.62% to $7.47. However, sellers regained control over the next couple of days, resuming the price at less than $7.00.

The data from Coin98Analytics revealed a decrease in developer actions this week. The details provided a ranking of blockchains according to their development actions. Polkadot recorded 827 developers the previous week, observing beyond 5,000 code commits on a weekly basis.

While Polkadot’s details are not significantly different to those of Ethereum and BNB Chain, they are undoubtedly inferior. On a weekly basis, Ethereum observed over 2,000 developers committing over 19,000 transactions, whereas BNB Chain recorded over 6,000.

The current week has witnessed numerous evolutions, including Polkadot’s participation. Velocity Labs declared a fiat-to-crypto onramp, blending the Asset Hub with the Ramp Network. The onramp permits Ramp to assist any chain parachain within the Polkadot sphere.

Essentially, Asset Hub is a system that Parachain frequently describes as the “home base” of assets in the expansive Polkadot sphere. Asset Hub’s primary goal is to assist in the creation, management, and use of assets in the Polkadot sphere.

Polkadot made business at $6.85, down 3.49% within a week at the time of writing, as opposed to the Polkadot price prediction by April 27, 2024, which was $7.70.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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