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Polkadot price seemed poised to end the week on a high, following its trading in early hours on Friday with a 24-hour gain of 2.42%. DOT has had a good run in October, but has had to contend with the turbulence brought by Solana’s stratospheric rise.
For a long time, Polkadot has been perceived as a threat to Ethereum blockchain However, Solana’s stratospheric rise may have brought a new challenge. Nonetheless, Polkadot is still pushing its boundaries in its endeavour to take on Ethereum.
Polkadot founder, Gavin Wood, has recently announced a $777 million development fund. The announcement came ahead of the upcoming lease of parachin by the network. In addition, Polkadot has in the last week improved the network’s capabilities. The latest improvement is another step closer in its quest to take on Ethereum’s dominance of DeFi and Smart Contracts. In the latest improvement, Polkadot’s SubQuery has added Ethereum Virtual Machine (EVM) functionality. As a result, data from Ethereum-compatible platforms may now be used in Polkadot and Kusama’s smart contracts without any issues.
Polkadot price has recently been trending sideways. A downward breakout three days ago has turned out to be false. Based on the price pattern over the last two days, it seems likely that sideways price action will continue today. That means that any movement from the current price is likely to be marginal.
The RSI indicator has signaled an uptick in market momentum, after previously having fallen from 62 to 52 over the past 72 hours. The RSI is currently at 57, which increases the likelihood of increased buyer activity. If the buyers increase their momentum, the price is likely to rise, with the first resistance at $44.46 and the second one at $46.08.
However, if the bears sustain their pressure on DOT/USD, they may push the price to the first support at $ 40.68 and the second one at $39.71.