New Delhi: Polkadot witnessed a massive upward buying pressure on November 1 which eventually pushed the coin into the future price discovery. This spike was based on the consolidation under an important crucial resistance level and breach of this barrier will likely take DOT to a new high.
As per reports, Polkadot Runtime has been upgraded to v9122. This has been done after a recent proposal filed on November 4. This move will now allow the DOT developers to register on the parachains which will open the path to gather crowdloans.
Developers will be able to seek loans via auction from the Polkadot holders. This project comes with a caution which warns users not to deposit their funds directly but go through a different channel.
“Do not transfer any funds directly to a specific account that is associated with a loan or a team. Use the “Contribute” action to record the contribution on-chain using the crowdloan runtime module. When the fund is dissolved, after either the parachain lease expires or the loan ending without winning, the full value will be returned to your account by the runtime.”
As per reports, 12 projects have been completed and nine are yet to receive the funding. This development will help the projects and developers to raise capital by registering on the parachains.
DOT price rose almost 30% since November 1 but this uptrend, however, failed to follow and lead it to consolidation under the 100% Fibonacci extension level at $53.88.
Polkadot needs to flip this hurdle into a support level to confirm the start of an upward trend. This move will allow DOT to rally to the next price barrier at $71.43 from the current position. This upward trend will indicate that bulls are back in the game.
As per experts, the Upward trend can extend this run to allow Polkadot to touch the $100 psychological level. As things are cooking up for the DOT, a breakdown of the $48.33 support level will indicate the selling pressure.
A close below this will invalidate the Bullrun scenario and can trigger a 19% downswing towards the demand zone starting from $35.48 to $38.76.
