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Since the start of this 12 months, Polkadot has been on a curler coaster trip as the overall cryptocurrency market has fluctuated over the previous months.

Recently, the worth of Polkadot (DOT) has skilled unfavourable sentiment, inflicting a slight decline within the coin’s worth.

The coin’s value barely decreased from $5.51 to $5.12 on May 9, 2023. However, it began to realize additional optimistic momentum the identical day and recovered to $5.3 right this moment.

Strong Bearish Momentum

The value of DOT has been buying and selling sideways throughout the final 24 hours, indicating a bearish pattern. As a affirmation of the bearish momentum within the Polkadot market, the 24-hour buying and selling quantity is down by 18%.

The decline signifies a lower in demand for DOT available in the market and would possibly result in better volatility as merchants regulate their place primarily based available on the market sentiment.

Polkadot’s present market cap is estimated at $6.1 billion, with a market dominance of 0.56%. But the rise in promoting strain has impacted the worth of Polkadot considerably.

Polkadot is within the part the place buyers and merchants are afraid to purchase or maintain the coin. As buyers benefit from the present dip in value to amass extra DOT, anticipate a modest restoration within the coming week.

Polkadot (DOT) Technical Analysis

DOT trades under its 200-day and 50-day Simple Moving Averages (SMA). This signifies that DOT has a bearish momentum in each long-term and short-term traits. 

The Relative Strength Index (RSI) indicator exhibits that DOT at the moment reads 32.92. This signifies that the coin is barely within the oversold area. It additionally means that DOT is experiencing some downward strain. However, the asset could rebound from its oversold situation and return to a traditional buying and selling vary.

The MACD indicator additionally confirms the bearish pattern as its buying and selling under the sign line. This signifies that the bears have extra strain than the bulls.

Recent Development In Polkadot Ecosystem

Meanwhile, the primary gaming blockchain platform, Mythical Games, is departing from the Ethereum community to launch its new Mythos ecosystem on Polkadot. 

The latest improvement will permit Mythos gaming companions to construct the largest and most linked gaming ecosystem within the Web3 trade.

The improvement will lead to a brand new scalable platform, accessible to all Mythos companions and compliant with Web2 gaming platforms, together with the Epic Games Store.

This accessibility is a core precept for Mythical because it continues to bridge the hole between blockchain and conventional gaming.

The Mythical Games founder proclaimed that the choice to depart the Ethereum ecosystem was as a result of gradual transaction speeds and different points across the community.

This partnership will even profit the Polkadot ecosystem as Mythical has a complicated characteristic, streaming applied sciences, and Web3 gaming experience. It will even drive the huge adoption of each Polkadot and Mythical.

-Featured picture from Pixabay and chart from Tradingview.com