Polkadot picks up the pace with new integrations, but what’s in store for DOT
- 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.
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.
PEAQ X https://t.co/az0OniF19J – UNLEASHING THE POTENTIAL OF AI ON POLKADOT & KUSAMA
— Polkadot Insider (@PolkadotInsider) April 19, 2023
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.
Dear Moonbeam Community, there is an important & interesting proposal in @Polkadot governance. If you hold $DOT tokens, please consider casting your vote for Moonbeam.@NotifiNetwork is a messaging infrastructure for Web3 projects that provides devtools for developers &…
— Moonbeam Network (@MoonbeamNetwork) April 18, 2023
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.
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.