Currently, Polkadot (DOT) could benefit from some assistance as it’s currently trading below $4.5, even though the broader market is recovering. In contrast, Bitcoin and Ethereum are both surpassing their local resistance levels, now acting as support, with Bitcoin hovering around $60,000 and Ethereum at approximately $2,400.
DOT Struggling, Bulls Capped Below $4.5
Examining the daily graph of DOT shows that the coin is moving within the bearish trend that began from September 14 to 18. Although there was an increase on September 18, which has since served as a foundation for the current peak, bulls are not fully leveraging the momentum.
The quick selling point, reaching its peak on September 15, is at $4.5. Breaking this level might initiate a surge in demand which could potentially form the foundation for further increases, prolonging the ongoing 18% upward trend from the September lows.
It’s worth noting that despite an improvement in overall crypto sentiment and the recent introduction of Agile Coretime, Polkadot’s bulls have been relatively sluggish in breaching the resistance level. This lackluster performance is surprising considering the significance of Agile Coretime for the upcoming Polkadot 2.0 network phase, as suggested by the Polkadot development team.
Agile Coretime Out As Developers Prepares For Polkadot 2.0
Last week’s launch of Agile Coretime rollout brings forth a variety of new features that are expected to positively impact developers and projects running on the platform. Notably, developers have highlighted that Agile Coretime now offers even greater flexibility as one of its key benefits.
This allows projects to utilize network resources on demand, eliminating the need for a predetermined slot as in the past.
As an analyst at Agile Coretime, I’m excited about our focus on enhancing scalability further. To achieve this, we’ve developed a flexible feature that adjusts core allocation as needed. Consequently, this increased network efficiency empowers our platform to accommodate an even broader range of applications effectively.
As a researcher involved in this project, I’m excited to share that we are initiating the process towards the implementation of Polkadot 2.0 with Agile Coretime. This upgrade marks a significant shift, transforming our existing resource allocation model into one that is more responsive to market dynamics, fostering a more efficient and adaptable system.
Additionally, developers intend to implement Asynchronous Backing, a feature aimed at decoupling the essential Relay Chain from the Parachains, for enhanced efficiency and scalability purposes.
Despite numerous advancements being planned by developers, DOT is currently falling behind and approaching prices last seen in 2024. The success of DOT largely hinges on overall market trends and the performance of Bitcoin or Ethereum. If these cryptocurrencies surpass their previous all-time highs in the upcoming weeks, it’s likely that DOT will also see positive gains as a result.
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2024-09-24 00:40