- Polkadot secured yet one more vital partnership with Stellar to spice up liquidity.
- DOT noticed a short-term breakout but it surely could be short-lived as the worth approaches one other promote zone.
The Polkadot [DOT] community, on 28 March, introduced a serious partnership with the Stellar community because it deliberate to harness extra liquidity. In keeping with the announcement, the 2 networks will join to one another via the Spacewalk bridge. The latter is a brand new growth from certainly one of Polkadot’s parachains, referred to as Pendulum Chain.
Funds specialist @StellarOrg is connecting to Polkadot by way of the brand new Spacewalk bridge, constructed by parachain @pendulum_chain, enabling the graceful and seamless switch of secure belongings between the 2 ecosystems.
Discover out extra: https://t.co/qoPmN2en9B
— Polkadot (@Polkadot) March 28, 2023
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This partnership will facilitate the graceful move of secure belongings throughout the 2 networks. The strategic settlement comes amid liquidity issues following the strain that stablecoins have been dealing with. Polkadot’s announcement might have additionally spurred the upsurge within the community’s growth exercise within the final 24 hours.
Supply: Santiment
The deal with secure belongings is under no circumstances a coincidence. Some blockchain networks have unlocked sturdy worth via their heavy deal with offering entry to stablecoins. The TRON [TRX] community is one such instance. Supporting the move of stablecoins might unlock extra liquidity for the Polkadot community.
DOT bulls push out of short-term vary
At press time, DOT was displaying indicators of relative energy and a possible breakout. Its four-hour chart revealed that DOT’s value had been buying and selling inside a descending vary for the final 11 days or so. However, bulls have dominated within the final 48 hours, resulting in a breakout from its descending resistance.
Supply: TradingView
The upper relative energy is clear by the RSI’s push above the 50% degree. DOT’s cash move indicator confirmed that there have been important inflows into the cryptocurrency this week.
Regardless of this upside, DOT’s value would possibly cope with some resistance close to the $6.35 value degree, which interacted with the 50-day MA. Its $6.25 press time value meant that DOT was quick approaching the resistance degree.
Real looking or not, right here’s Polkadot’s market cap in BTC’s phrases
The potential of a bearish end result is additional backed by the drop in investor consensus as captured by the weighted sentiment. The latter had its weekly peak on 24 March and has since fallen again to its weekly low ranges. DOT’s volatility additionally underscored the resistance expectations additional down the highway.
Supply: Santiment
Though the volatility and weighted sentiment spotlight a bearish bias, issues are totally different within the derivatives phase. Each the Binance and DYDX funding charges have improved considerably within the final 5 days. Be aware that this enchancment within the derivatives market may additionally allude to increased demand for leverage merchants, together with quick sellers.
Supply: Santiment
