In a recent analysis by Cheeky Crypto, the crypto commentator delved into Polkadot (DOT), providing insights on the altcoin’s current price action and its potential future trajectory.
Cheeky Crypto began by addressing the recent price movements of Polkadot, noting a break to the downside that occurred on the 11th of the month, a common trend across many altcoins. He pointed out a key level at $3.91, emphasizing the need for Polkadot to hold this level to avoid further downside pressure.
The analysis continued discussing potential wave patterns, including impulsive breakdowns and triple zigzag patterns. Cheeky Crypto highlighted the importance of monitoring smaller timeframes to understand the larger weekly and monthly structures. The analyst then shifted the focus to Polkadot’s long-term potential, mentioning the accumulation zones and opportunities for growth in the future bull market.
In another related report, it was pointed out that Polkadot’s core developers were working on expanding the ecosystem by increasing the parachain limit from 100 to 1,000, with the help of software updates. One significant update mentioned was “Asynchronous backing,” designed to reduce parachain block time and increase block space, aiming for one million+ transactions per second.
The release of Asynchronous backing on Polkadot’s Rococo testnet was expected in about two weeks, with plans for a mainnet release in the future. The report highlighted the importance of this update, which would enable Polkadot to significantly increase the number of validators by the end of 2024, marking a crucial evolution in parachain consensus.
Regarding market performance, Polkadot’s current price stood at $4.02 with a 24-hour trading volume of $87,124,201, ranking it 13th on CoinMarketCap. With a circulating supply of 1,225,934,470 DOT coins, Polkadot continued to draw attention from investors.
