Polkadot tweeted about several proposals that focused on massive network improvements that the blockchain plans to implement in the coming times. They detailed the move in their official post, announcing new features that platform users can expect to see in the upcoming days.
The platform plans to introduce Asynchronous Backing as it aims to reduce block time to six seconds from twelve and enhance finality. Also, the proposal included Parathread – a parachain that runs on pay-as-you-go. It allows the simple creation of blockchains and smart contract deployment.
The group wants to replace the technical and council committees with Polkadot Fellowship. Moreover, it would subject community conclusions to referendums.
This Metric Appears to Agree
Assessing Santiment’s development index showed a busy development period, with an 86.14 score. Developers have shown effort, and market players can expect new features soon. Besides the metric’s high, the line revealed an upside trend, indicating a surging development activity with continued trend potential.
DOT Not Captivated
Evaluating the chart confirms DOT’s price didn’t respond positively to the new features’ announcement. That alternative token has endured downside moves over the past few days. DOT traded at $6.34 on October 6, plunging from the opening price of $6.44.
The decline saw the coin losing another 1,55% to explore the lows of $6.25. While writing this blog, bears drag DOT 1% lower. The trend lines show the token failed to conquer the resistance level at $6.85. the $6.10 mark seemingly served as a reliable support.
TradingView’s graph shows the altcoin presented decisive downward or upward movements recently, with sideways actions dominating the space. Nevertheless, the RSI (Relative Strength Index) and the DMI (Directional Movement Index) showed the DOT market exhibited a bearish strength.
The RSI stayed beneath the neutral line, whereas the signal, +DI, and –DI wavered below the 20 mark in the Directional Movement Index). Despite that, the signs showed the bearish trend wasn’t robust.
Polkadot will likely experience user base growth when the blockchain launches the mentioned updates. That will mean positive price movements in DOT, profiting long-term holders. Nevertheless, any potential medium-term rally for the altcoin will rely on DOT overcoming its immediate resistance.