As the price drops to $7.55, the Polkadot (DOT) price analysis suggests that the trend is still bearish. Polkadot price analysis reveals a downward trend DOT/USD has looked for support at roughly $7.49 DOT/USD is encountering resistance at $7.74 Previously trading at about $7.74, Polkadot is now looking for support at about $7.49. The price of DOT/USD is still facing resistance at $7.74, but if it drops below $7.49, it might find support at $7.32. and $7.05. If it declines below that, it might find support there. Around these levels, Polkadot might feel some selling pressure, but if it manages to hold above $7.49, it might start to see some buying interest. The fact that DOT has a multitude of parachains underpinning its decentralized web goals has helped it to stay relevant in the cryptocurrency ecosystem. According to data by Coingecko, DOT is trading at $6.93, down 5.5% in the last seven days. Santiment data shows that after August 20, DOT’s development activities spiked dramatically. Its price, however, has not held up so well, falling by 11.31 percent over the past week. Polkadot Announces Deployment Of New Parachains The multichain network has shown that the Polkadot architecture is not as constricted as many people may have thought. More so, Polkadot recently announced the deployment of many new blockchains with ParityTech. The declaration states that new parachains will be implemented to enable organization. If t...
