Polkadot, the pioneering multi-chain network, has taken considerable actions to firm its position in the blockchain ecosystem. In a move to enhance efficiency and scalability, the project has introduced the Join-Accumulate Machine (JAM) protocol, a groundbreaking solution that combines features of Polkadot and Ethereum. Polkadot is also in discussions for a potential $8.8 million sponsorship deal with Inter Miami CF, a professional soccer club in the United States. Today, April 27th, DOT is trading at $6.70, a 2.56% drop in last 24 hours.
Gavin Wood, the founder of the Polkadot protocol, has unveiled a new Gray Paper outlining the forthcoming Join-Accumulate Machine (JAM) upgrade for the network.
This announcement occurred during Wood’s presentation on Polkadot’s future at the #foundehttps://t.co/4NCbyWaLPR pic.twitter.com/R3mF1OC90j— BitcoinWorld Media (@ItsBitcoinWorld) April 21, 2024
The JAM protocol aims to provide a global, permissionless object environment akin to Ethereum’s smart contract functionality, coupled with secure, parallelized sideband computation over a scalable node network, a concept pioneered by Polkadot. Notably, the protocol will support existing parachains, enabling developers to continue leveraging Substrate for blockchain deployment. It’s important to note that JAM will solely interact with DOT, Polkadot’s native token, without introducing a new crypto.
However, the implementation of the JAM protocol is contingent upon approval from Polkadot’s community via the network’s on-chain, decentralized governance system, emphasizing the project’s commitment to decentralization and community involvement.
Polkadot’s vibrant ecosystem has also witnessed influential developments among its leading parachains. The Acala Network recently announced the Sinai Upgrade, designed to solidify its position as a liquidity layer in the rapidly evolving Web3 space. This upgrade comprises three key components: the liquidity track, infrastructure track, and aSEED track, which are aimed at enhancing the platform’s capabilities.
The Sinai Upgrade introduces a range of infrastructural enhancements to the Acala network, ensuring it remains at the forefront of technology and aligned with our vision of building the liquidity layer in web3 finance.
Here is breakdown of the infrastructure track: pic.twitter.com/sPrddWv8Rh— Acala (@AcalaNetwork) April 16, 2024
Also, in the wake of Polkadot’s runtime upgrade, all parachains experienced a temporary halt in block production for approximately one hour. However, the Moonbeam Network, one of the leading parachains, swiftly resumed block production and returned to normal operations on April 21, demonstrating the resilience of the ecosystem. On top of all that, the $DOT ecosystem has witnessed a significant surge in monthly users, reflecting the project’s growing maturity and adoption.
Growth Trajectory: User Increase on @Polkadot and its Parachains
🔹The $DOT ecosystem has seen an significant increase in monthly users, as the ecosystem continues to mature.
🔸Specifically, @MoonbeamNetwork and @NodleNetwork are attracting a significant number of users. pic.twitter.com/2Skabo0rs9— House of Chimera (@HouseofChimera) April 19, 2024
DOT Technical Analysis
Over the past two weeks, DOT price broke down from an ascending channel dropping over 30% in the last 30 days, filling a fair value gap and recording a low of $5.8. The last two weekly candles closed bullish, but the current candle remains bearish, indicating indecision in the market as bulls and bears struggle for control. The Relative Strength Index (RSI) of 45 suggests room for a potential buying spree if bulls regain momentum.
DOTUSD Daily Chart (TradingView)
On the daily outlook in the chart above, DOT price broke down from an ascending trendline and found support at the $6 zone. Although the price faced rejection at this level, the RSI of 36 indicates potential for bullish activity and a correction in the near future, as there is ample room for buying pressure. The price recently tapped into the fair value gap, ranging from $7.3 to $8.2 before dropping.
In the 4-hour timeframe, the price has exhibited bearish signs since hitting a high of $7.5, and is most likely set to test the support at the $6.2 zone or potentially the $5.8 zone low before we can potentially see any upside move.
DOTUSD 4-Hour Chart (TradingView)
As DOT continues to introduce these innovative solutions and forge strategic partnerships, the project’s ability to maintain its upward trajectory and achieve the $10 mark and its ability to grow massively this year will depend on its strength in holding above the recent low of $5.8. A break below this level could dampen hopes of reaching the $10 target, considering the latest advancements and upgrades.
Join our WhatsApp and Telegram Community to Get Regular Top Tech Updates
Be the first to comment