- Polkadot’s XCM channels surge by 60% beyond asset transfers.
- DOT’s price shows resilience against BTC and ETH.
- DOT’s potential drop to $5.3350 presents a promising opportunity for traders.
Messari’s market intelligence page recently tweeted that utilizing Polkadot’s (DOT) cross-consensus message format (XCM) has transcended beyond mere asset transfers. The post revealed that the number of XCM channels has surged by a remarkable 60%.
As of the publication, DOT was being traded at $5.37, reflecting a 1.88% surge over the past 24 hours, as reported by CoinMarketCap. While this uptick in price is noteworthy, DOT’s weekly performance still shows a decline of -0.32%.
In the last 24 hours, the altcoin has exhibited remarkable resilience against the dollar and surpassed the two leading cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH). DOT has recorded a 0.06% increase against BTC and a 0.96% surge against ETH.
Over the past 24 hours, DOT’s price has impressively converted the resistance level at $5.3350 into a solid support level. The next major obstacle at $5.3951 was also targeted for a similar transformation, but the bears intervened and introduced some selling pressure to DOT’s charts. This is evident from the wicked present above the latest 4-hour candle.
The current market conditions have led to a surge in selling pressure, causing the RSI line to peak. This indicates that a retracement in DOT’s price will likely occur within the next 8 hours. In a brief correction, DOT’s price may fall back to the recently-flipped level of $5.3350. It is important to remain vigilant and monitor the market closely during this time.
The potential drop in DOT’s price to $5.3350 within the next 24 hours presents a promising opportunity for traders to enter the market. This could lead to a subsequent climb in price, possibly breaking above $5.3951 within the following 48 hours. However, caution must be exercised as a loss of support at the $5.3350 level could further decline to $5.2406. As always, informed decision-making is key in navigating the volatile cryptocurrency market.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
