Polkadot Stalls Below $4.5 Even After Agile Coretime Launch: What’s Going On?
23 September 2024 - 11:30PM
NEWSBTC
Polkadot (DOT) needs help at spot rates. When writing, DOT is still
trading below $4.5 despite the broader recovery. Bitcoin and
Ethereum, for example, are trading above local resistances now
support, at around $60,000 and $2,400, respectively. DOT
Struggling, Bulls Capped Below $4.5 A look at the DOT price action
in the daily chart reveals that the coin is trending inside the
September 14 to 18 bear range. Even though there were gains on
September 18, which has since acted as the base for the current
swing high, bulls are not capitalizing on the momentum. Related
Reading: SUI Eyes Potential Pullback As RSI Flashes Warning: $1.4
Retest In Sight The immediate liquidation level, marking September
15 highs, is $4.5. If broken, it could trigger a wave of demand
that may be the building blocks for more gains, extending the
current 18% rally from September lows. Interestingly, DOT bulls are
slow to tap into the improving crypto sentiment and break this
resistance level. This underwhelming performance also comes even
after the introduction of Agile Coretime. According to Polkadot
developers, this feature is a crucial component of the next network
phase, Polkadot 2.0. Agile Coretime Out As Developers Prepares For
Polkadot 2.0 The Agile Coretime rollout, released last week,
introduces multiple features that will benefit developers and
protocols launched on the platform. Top of the list, developers
said Agile Coretime introduces even more flexibility. This is
because the feature permits projects to access network resources as
needed. They won’t have to be locked into a fixed slot like before.
Additionally, Agile Coretime seeks to push scalability higher. To
do this, the feature enables adaptable core allocation.
Subsequently, higher network efficiency allows the platform to
support even more diverse applications. Agile Coretime sets the
ball rolling for the eventual activation of Polkadot 2.0. This
upgrade sets the stage for overhauling the current resource
allocation model, making it more market-driven. Related Reading:
Fed Rate Cuts Spurs $1.6 Billion Bitcoin Buying Spree Among Whales,
Can BTC Reach $70,000? Moreover, developers will be looking to
introduce Asynchronous Backing, which seeks to separate the Relay
Chain, which is core to Polkadot and Parachains. The idea is to
improve efficiency and drive scalability. Though developers are
lining up major developments, DOT is lagging and trending near 2024
lows. DOT’s performance will largely depend on the general market
sentiment and Bitcoin or Ethereum’s performance. DOT will likely
benefit if these coins break their respective all-time highs in the
coming weeks. Feature image from iStock, chart from TradingView
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