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    Polkadot's Recent Parachain Development Could Result in a Bull Run

    TheMorningCrypto Desk
    TheMorningCrypto Desk
    Published on November 1, 2022 6:55 PM

    Updated on January 9, 2023 12:50 PM

    Recent developments in Polkadot's parachain increased the development activity which shows a great positive sign for an upcoming bull run.
    Polkadot's Recent Parachain Development Could Result in a Bull Run

    Upcoming projects and partnerships are causing the recent movements in DOT's price. Recently, the KILT Protocol and Polkadot's new collaboration have increased the company's development efforts.

    The latter declared that the protocol operates as a Polkadot interface via its official Twitter account.

    As a result of their initial operation as a chain on the Kusama network, KILT could easily switch to functioning as a parachain on the Polkadot network.

    Additionally, KILT claimed to be the first para chain to transition its whole network to Polkadot successfully.

    Polkadot's development rate has been increasing due to these modifications since the collapse in July 2022 and has already surpassed its initial high point in May 2022.

     

    Even though the network has been performing well lately, the native token of the network, DOT, has been underperforming.

    Also, several leading parachains on the Polkadot network, including Moonbeam, Astar, and Alaca, demonstrated advancements in their respective fields. The Moonbeam Network, for instance, saw growth in its dApps. The top dApps on the Moonbeam Network also increased over the previous week.

    There have been increases in the number of separate active addresses on the network, according to StellaSwap and Moonwell Artemis. Additionally, at the time of writing, there were 3.08% more unique dynamic addresses on StellaSwap. In addition, Moonwell Artemis increased by 9.09% over the previous week.

    The Surge in the DOT

    DOT currently trades in a range between $6.12 and $6.83. Since the most recent fall, which started on September 18 and extended through September 19, the token has traded within this range.

    Even if the development news had been positive, the price news could have been better.

    According to Coingecko data, DOT is currently trading for $6.621, up 2% over the previous week.

    The weighted sentiment shows a negative chart, although the overall market sentiment is neutral.

     

    The DOT price's steadiness may signify that bulls and bears are battling it out for dominance. Since the intraday bull/bear power indicator is almost to balance, a break might happen soon.

    Although this has yet to result in a gain, the momentum on 4 hours is relatively hopeful. Fear and greed signal a pessimistic outlook, making such a rebound challenging to achieve.