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DOT extended its price decline, giving sellers more edge in the market. Are more shorting gains likely?

Story Highlights Polkadot price can reach a maximum of $10.684 by the end of 2023. DOT price is expected to achieve its $50 mark by the year 2030, with a potential high of $57.194 for the year.

In the ever-evolving world of cryptocurrency, Polkadot (DOT) recently encountered a significant challenge as it grappled with a critical decision point. The digital asset saw its value plunge after encountering strong resistance in the three-day supply zone, situated between $4.335 and $4.631.

Following the triangle pattern breakdown, the DOT price enters to trade in a consolidation range, between the $3.98 and $4.29 marks. However, the recent double bottom reversal within the range retests the broken triangle pattern to prolong the downtrend in motion.

While Polkadot had an exceptional Q3 on the development front, Q4 didn't exactly show the network's strengths. DOT's price raised several eyebrows and development activity and weighted sentiment suffered at the hands of the bears.

Polkadot's ecosystem saw significant expansion in Q3 2023, with the addition of five new parachains, a rise in staking metrics, and major technical upgrades. The total volume of staked DOT increased to 663 million, and the platform recorded more than 190 million on-chain events.

Staking is gaining traction as a preferred investment avenue for many. Here are the top 10 cryptos to stake in 2023.

Polkadot community approximately 100 million DOTs that were initially locked in the first batch of Crowdloans are set to be unlocked on October 23.

The crypto space had witnessed a consolidated weekend, indicating price stability in the market. As the cryptocurrencies were on the verge of making a positive move, the industry experienced a fall in its value today. The DOT price was seen trading in a consolidated range of $4.016 and $4.123 since the start of September.

Gavin Wood, the founder of Polkadot, a blockchain interoperability platform, has recently come under scrutiny for attaching conditions to a proposed $5 million donation to assist the Ukrainian government during the crisis triggered by the Russian invasion. This move has sparked a debate within the cryptocurrency community, with some viewing it as a genuine humanitarian gesture and others as a marketing ploy.

Cardano, a popular Proof-of-Stake blockchain, has risen into the top 10 cryptocurrencies on CoinmarketCap. As of now, it holds the 8th position out of nearly 9,000 active cryptocurrencies listed on the platform.

In a surprising twist of events, the blockchain platform Polkadot has reported a substantial surge in its staking activities and nomination pools, showcasing the ever-expanding interest in the cryptocurrency world. With a staggering quarter-on-quarter growth of 14.7%, the total number of staked DOT tokens has now reached a monumental 663 million, painting a picture of a robust and flourishing community of stakeholders.

Although its native token failed to put up an impressive show, Polkadot made a lot of progress in Q3. Here are some of the major ones.

The Cardano (ADA) blockchain protocol has once again shown its prowess in relation to developmental activity in the Web3.0 world. According to an insight shared by crypto analytics provider Santiment, Cardano is currently ranked as the most prominent blockchain network in terms of developmental activities as measured by GitHub commits in the past month.

Strong demand could be the catalyst for a bullish breakout for DOT.

Polkadot (DOT) is celebrating another impressive third quarter (Q3) performance that was marked by visible growth across its ecosystem. The protocol shared the performance highlight through the X app, noting that it managed to sustain growth in its staking service, added a total of five new parachains in the quarter, and welcomed a number of technical upgrades across the board.

Recent market activity has seen buyers attempting to break out of this range in an effort to regain investor confidence. However, their efforts were hindered by the 50-day Exponential Moving Average (EMA), which proved to be a formidable resistance level, pushing the price back into the established range.

Explore the hidden potential of three cryptocurrencies that are currently undervalued. These top-quality crypto names are primed to pop in 2024 and beyond.

Bitcoin is consolidating at the top of its range and this is inspiring traders' confidence in a variety of altcoins.

Uniswap v3 contracts are now live on the Moonbeam Network, a core component of the Polkadot ecosystem, facilitating a broader user base to engage with Uniswap via an Oku interface. This integration, spurred by community approval and secure cross-chain protocol Wormhole, underscores Moonbeam's standing in multi-chain expansions and augments trading experience with enhanced features catering to liquidity providers.

The H4 market structure of DOT was bullish, and the OBV was also in a steady ascent since 28 September. However, there was a reason traders could still look for selling opportunities.

In a pivotal move towards enhancing its capabilities and meeting the growing demands of the Web3 ecosystem, Polkadot has unveiled an ambitious proposal known as “Asynchronous Backing.” This development represents a significant milestone in Polkadot's scaling roadmap, promising to deliver an array of benefits to developers, parachain users, end users, and dApp builders alike.

DOT/USDT chart and technical analysis DOT/USDT recently broke the 4.190 resistance level and closed above this level. The trend is turning bullish after the recent rally of the overall crypto market and will possibly remain bullish in the coming weeks.

Polkadot's key NFT metrics dropped sharply over the last week as DOT's turns bullish.