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Polkadot picks up the pace with new integrations, but what’s in store for DOT

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Polkadot will soon receive AI capabilities thanks to the partnership between Peaq and Fetch.ai. Well, DOT’s price might take a while to respond to this update.
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Polkadot picks up the pace with new integrations, but what's in store for DOT
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  • Polkadot ranked third on the list of blockchains by active developers.
  • However, some metrics and a few market indicators were bearish on DOT.

Polkadot [DOT] has been stepping up its game in the recent past in terms of its partnerships and efforts to increase its adoption.

Well, interestingly, the team’s efforts also reflected on the back end, as Polkadot ranked third on the list of blockchains by active developers.

Source: Token Terminal

Read Polkadot’s [DOT] Price Prediction 2023-24

Polkadot to explore AI

Meanwhile, Polkadot Insider, a popular Twitter handle that posts updates related to the Polkadot and Kusama ecosystems, revealed an interesting partnership in the AI space on 19 April. It said Peaq partnered with Fetch.ai [FET] to tap into the potential of AI on Polkadot and Kusama. 

As per the tweet, Peaq has integrated Fetch.ai’s Microagents on its testnet and will soon launch them on the mainnet to bring them to the Kusama ecosystem.

With this partnership, developers can optimize and automate various business processes in the economy of things. AI has been on trend for quite some time, and the partnership can spark new interest among investors. 

More integrations to come?

Apart from this, another integration of Polkadot was with Notifi Network. Notifi’s platform offers the devtools designed for web3 projects to start sending near real-time alerts to end users. Currently, the integration proposal is under voting to decide on which parachain it will be launched on. 

DOT investors have to wait longer

Though these developments looked promising, it can take longer for them to actually reflect on Polkadot’s price chart. According to CoinMarketCap, DOT’s price declined marginally over the last 24 hours. At press time, DOT was trading at $6.42 with a market capitalization of $7.5 billion.

DOT’s MACD displayed the possibility of a bearish crossover, which can further push the coin’s price down. Another bearish indicator was the Chaikin Money Flow (CMF), which registered a decline.

Source: Santiment

However, the Relative Strength Index seemed to favor the buyers as it was resting above the neutral mark of 50. DOT’s Money Flow Index (MFI) also showed signs of recovery by increasing slightly. 

Realistic or not, here’s DOT market cap in BTC‘s terms

DOT is overvalued

Furthermore, Token Terminal’s data revealed that Polkadot’s P/S value went up in the past few weeks. The increase in the metric indicated that the asset was overvalued.

Negative views around DOT were also dominant in the market, as was evident from the weighted sentiment metric.

Sadly, DOT’s demand in the derivatives market declined slightly as its Binance funding rate went down over the last week.

Source: Santiment

 

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Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space. He is a singer and a guitarist who also enjoys going on long bike rides.
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