By Franklin Smith
It’s been somewhat challenging for market players to concentrate on the crypto market’s developments instead of price speculation. Nevertheless, that hasn’t prohibited platforms like Polkadot from marching ahead, aiming for the Web3 vision.
Furthermore, the latest update confirmed a ‘busy’ phase for the blockchain, and here’s what investors could expect.
Polkadot has revealed its upcoming parachain auctions. Moreover, the announcement highlighted several governance events scheduled for this month. These developments might trigger increased DOT demand. That’s due to the lock-up phases related to parachain auctions and platform governance.
Meanwhile, DOT has seen its trading volumes surging significantly as the altcoin saw improved price action. WhaleStats shows Polkadot is one of the top ten digital currencies by trading volume.
Meanwhile, it remains unclear whether the announcement of the parachain auction triggered the higher volumes. The underlying mechanism wants projects contesting for parachain to have a substantial DOT amount for increased winning chances.
What About the Charts?
DOT surged 9% within the past seven days. This upsurge emerged after the alternative token retested its near-term hurdle at the $9 mark. Though the upward journey stopped after it hit a resistance, the resulting plunge remained limited.
Investors can choose to retain their Polkadot tokens, especially with August’s scheduled events. Another possibility is DOT’s massive demand at press time could be annulling the selling momentum.
Investors can expect bearish pullbacks following resistance retest. Besides the low bearish strength, Polkadot’s weighted sentiment confirms the possibilities of further uptrends. Furthermore, the brief drop already pushed DOT’s weighted sentiment into a pessimistic region (-0.52) during this publication.
Moreover, DOT’s developers’ activity count has surged significantly since early August. That follows Polkadot’s scheduled developments for August. That can mean a confidence boost for long-term holders.
Conclusion
Polkadot has multiple events scheduled for this month. That means lucrative developments for the blockchain and DOT’s price. Meanwhile, these might boost investor sentiment.
Nevertheless, the current market forces might impact the outcome. For that reason, DOT investors should watch overall market cues for profitable undertakings. The crypto spectrum remained relatively unchanged within the past 24 hours.
We have more updates coming your way. Stay around.