– Bearish wave halts on Polkadot.
– DOT misplaced greater than 40% final week.
– Polkadot awaits a possible take care of FC Barcelona.
Polkadot has been some of the well-known altcoins and managed to hit a value of $55 in November 2021. It’s at present the eleventh greatest cryptocurrency with a market cap of $18,344,821,245.
The previous few weeks have been powerful on the cryptocurrency market, and Polkadot has been one of many main victims of the current market dip. For the reason that November excessive, DOT has misplaced greater than 70% of its worth to commerce at a low of $16 on twenty second January.
Nonetheless, DOT has managed to remain afloat on the $19 mark forming a flag, with bulls attempting to beat the robust bearish stress available in the market.
Supply – TradingView
From the Weekly chart above it’s clear that the market is strongly bearish. And, it’d proceed in that route, particularly with the current hawkish rates of interest statements from Central Banks all over the world and the worrying inflation. The subsequent degree of help is on the $10 mark, a break of this degree would possibly scare away fans of the Polkadot blockchain community and danger the coin shedding its whole worth.
On the constructive aspect, FC Barcelona introduced that they’re contemplating having the Polkadot Blockchain community as their official jersey sponsors. The present official Jersey sponsor for Barcelona is Rakuten, an e-commerce firm from Japan and the contract ends July 2022. If Polkadot manages to get this deal, it is going to tremendously increase the notice of the Polkadot blockchain and enhance its reputation and belief.
Cryptocurrencies have had a few enormous sports activities offers when it comes to sponsorships, FTX Change signed a take care of Main league Baseball, Coinbase Change signed a take care of Nationwide Basket Ball Affiliation (NBA).