Polkadot can be a good short-term bet as it has corrected and now moving in a channel. Any breakout on the upper side would prove to be a indicator of good rally.
In this article, we will discuss Polkadot price prediction, weekly analysis along with news roundup.
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Table of Contents
Polkadot Price Prediction
- Current Price: $7.21
- Market Cap: $10.4 billion
- 24-Hour Trading Volume: $166.6 million
- Circulating Supply: 1.4 billion DOT
- Total Supply: Not capped, as Polkadot operates on an inflationary model without a maximum supply limit.
Moving in an bear flag 👀
Weekly Price Analysis
Polkadot made a slight recovery last week. Its catalysts are bullish market sentiments coupled with recent technical improvements in the Polkadot ecosystem that have enhanced network performance and consequently attracted some interest from investors.
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News Roundup
Technical Upgrades
One of the most important optimizations made to Polkadot is Asynchronous Backing, which optimizes the way in which parachain blocks are adjudicated by the relay chain. This improved the speed of block production twofold and enlarged the space for available blocks 6-10 times, respectively, hence the improvement in throughput on transactions and efficiency in general.
Ecosystem Growth
New projects continue to onboard the Polkadot ecosystem with parachain auctions. Notable additions include Bit. Country and Nodle, which develops user-created metaverses and a provider of Internet of Things connectivity, respectively. These installations will add to the versatility and capability of the Polkadot network .
Potential Partnerships
There are talks of a possible partnership between Polkadot and the American soccer club Inter Miami in a $8.8 million sponsorship deal. It would put Polkadot on the map and expose it to many more people than it already has, especially those who follow sports .
Institutional Interest
Arguably, more entities are expressing institutional interest in Polkadot. The leading digital asset custodian, Zodia Custody, announced plans to provide its institutional clients custody and staking services for DOT. Thirdly, launching native USDC in the Polkadot ecosystem will make transactions straightforward and boost liquidity for users .
Conclusion
With recent technical upgrades and its ecosystem expansion, Polkadot has seen a steady increase in price and strong market performance. The coin remains attractive because of its advanced development, which promises entrance into high-profile partnerships in the near future of the changing cryptocurrency market.
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