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Polkadot-based DAO aims make decentralized governance more accessible

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A new decentralized autonomous organization is determined to become the DAO that serves all other DAOs.

Looking at it narrowly, the goal of SubDAO Labs is to provide small to mid-size organizations with the tools they need to move beyond centralized governance models and form feature-rich, effective, and sustainable decentralized autonomous organizations.

Arguing that the DAO governance model “has gone from obscurity to the preferred form of governance for most blockchain projects,” SubDAO believes one of the biggest stumbling block to its widespread adoption is that “it is not practical for smaller organizations or those without sufficient fund to develop their own governance tools.”

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While organizations like Aragon and DAOHaus have made available tools and smart contracts that meet basic governance needs like voting and fund management, other more advanced but common needs — like decentralized arbitration, credit-based lending platforms, DOA-governed social media platforms, and decentralized communication platforms — “are difficult to satisfy with the existing toolchains,” SubDAO says.

More broadly, however, SubDAO is on a mission it refers to repeatedly in blog posts, and its ambitions extend far beyond crypto and blockchain:

“Our vision is to integrate DAO governance into every aspect of life, by exposing everything in the sunlight and eliminating oppression. Ultimately, the hierarchical concept will be removed, and everyone will be able to embrace freedom.”

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The DAO structure “makes it possible for the old social system to go through earth-shattering changes,” SubDAO says, predicting that “when DAO is mature enough to replace traditional organizations, there will be a major social change.”

The nitty gritty

To achieve that integration, SubDAO is building a DAO creation and management platform on Polkadot, a nominated proof-of-stake decentralized blockchain. Created by Ethereum co-founder Gavin Wood, Polkadot powered its way from sub-100 into the top 10 cryptocurrencies by market capitalization in just a few weeks in August and September.

The core of that creation and management platform is the four-part SubDAO Network, designed to make the creation of customized, feature-rich DAOs a quick-and-easy process of a few clicks in just 15 minutes. The Substrate-based platform includes nodes, a software development kit, a user interface for apps, and a library of SubDAO smart contract templates.

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Polkadot price to return to $40 if near-term support holds

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  • Polkadot price lost nearly 30% of its value during the Saturday flash crash.
  • A strong recovery indicates Polkdaot may be positioned for another leg higher.
  • Downside risks remain, and risks must be monitored.

Polkadot price has substantially recovered since hitting a low of $23.95. A return above the $30 level gives buyers and long-term hodlers significant psychological support that Polkadot may, again, move higher.

Polkadot price must close above $32 before it can test $40

Polkadot price faces near-term resistance against the 38.2% Fibonacci retracement at $31.08 and the Tenkan-Sen at $31.66. It will need to close above both levels to prevent any near-term continuation of selling. Ideally, there would be enough momentum to close above the Kijun-Sen at $36, but that may not be possible.

After Saturday’s flash crash, an unfortunate event is the conversion of the Relative Strength Index from bull market conditions to bear market conditions. This does not mean or imply that Polkadot is entering into a bear market, but that momentum has dwindled enough to generate some warnings.

Despite the conversion to bear market conditions in the Relative Strength Index, there are some bullish signs. First, there is a regular bullish divergence between the candlestick chart and the Composite Index – hinting at a bullish reversal. Additionally, the Optex Bands oscillator is moving above and out of the extreme oversold levels it has been in.

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DOT/USDT Daily Ichimoku Chart

Considering the present position of the Relative Strength Index, Composite Index, and Optex Bands, a breakout above $32 would likely have enough momentum to see Polkadot price test the Senkou Span B at $40 as resistance.

Failure to close above the Tenkan-Sen could see Polkadot return to the 50% Fibonacci retracement at $26.

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Polkadot price analysis: DOT to retest support at $27.2, as price steps down to $28.7

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  • Polkadot price analysis is bearish today.
  • Resistance for DOT/USD is present at $33.6.
  • Support for DOT/USD is present at $27.2.

The Polkadot price analysis is bearish today as a further decrease in price has been observed. The price has been devalued till $28.7 today as well after encountering extreme loss yesterday when the coin crashed from $33.7 down to $29.3 while swinging as low as $27 at a time. The DOT/USD has been on a downtrend since 5th November, and today it completed a month of being on the decline, setting a lower low for the last two months. Currently, the price had come below the consolidation level of the month of September before it started its journey towards the higher side.

DOT/USD 1-day price chart: Downside continues as market pressure still persists

The one-day Polkadot price analysis is showing a bearish trend for today as the price has been depreciated today as well. The bearish momentum has been continuing over the past few weeks, and today, the trend is the same. The price has been lowered to the $28.7 level after the latest drop. The moving average indicator (MA) is present at the $34.8 mark above the price level.

Polkadot price analysis: DOT to retest support at $27.2, as price steps down to $28.7 1

The Relative Strength Index (RSI) is present at index 28 in the oversold region, indicating unfavorable circumstances for DOT. The volatility has been on the higher side for a long time, and the situation is the same volatility-wise. The upper Bollinger band value is $45, whereas the lower Bollinger band value is $29, and the price is trading below the lower value. The Bollinger bands are maintaining an average of $37.

Polkadot price analysis: Recent developments and further technical indications

Yesterday’s drop in price has been quite damaging to the market value of DOT. The current price is still below the moving average, whose value is present at the $29 mark on the 4-hour chart. The price is going up once again as a bullish trend has been observed during the last four hours. Although the price recovered earlier for a brief period yesterday but decreased again, and the most recent trend is going in favor of bulls.

Polkadot price analysis: DOT to retest support at $27.2, as price steps down to $28.7 2
DOT/USD 4-hours price chart. Source: TradingView

The Bollinger bands indicator average has been maintained at $32, whereas the upper Bollinger band is showing a $39 value, and the lower band is showing a $25 value, representing high volatility range for DOT. The RSI curve is floating just at the borderline of the neutral and oversold zone at index 30.8, heading slightly up due to the last green candlestick, but still, the pressure seems to be there.

The price has been trading towards the downward direction if we see the DOT’S progress for the past month. This is why the technical indicators chart for DOT/USD is indicating a bearish trend, with only one indicator on buying position, eight indicators on neutral position, and 16 indicators on selling position.

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Polkadot price analysis conclusion

The Polkadot price analysis report shows a downward movement in price has been observed during the last 24-hours, which is a continuation of the bearish trend. The price has dropped down to the $28.7 level because of the constant downtrend that has been following for the past few days and took a steep plunge yesterday. The price might go lower in the coming hours as the last candlestick on the four hours price chart might also turn red, as the momentum is not there for bulls, and the RSI is indicating the same.

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Polkadot Price Analysis: DOT finds support at $24.35 after heavy selloff overnight

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  • Polkadot price analysis is bullish today.
  • DOT/USD dropped over 35 percent since the last high.
  • Support was found at $24.35 this morning.

Polkadot price analysis is bullish today as we expect recovery to follow after a quick reaction higher from the newly found swing low. Therefore, we expect DOT/USD to move higher later today and look to retest previous support as resistance at $33.

Polkadot Price Analysis: DOT finds support at $24.35 after heavy selloff overnight 1
Cryptocurrency heat map. Source: Coin360

The crypto market overall saw strong selling pressure over the last 24 hours. The market leader, Bitcoin, declined by 16.54 percent, while Ethereum 13.81 percent. Meanwhile, the rest of the top altcoins follow with an even bigger loss.

Polkadot price movement in the last 24 hours: Polkadot continues to decline, spikes below $25

DOT/USD traded in a range of $24.72 – $36.49, indicating strong volatility over the last 24 hours. Trading volume has spiked by 207 percent, totaling $2.83 billion. Meanwhile, the total market cap trades around $27.83 billion, ranking the coin in 9th place overall.

DOT/USD 4-hour chart: DOT starts to react higher

On the 4-hour chart, we can see the Polkadot price action finding strong support at $24.35 this morning, likely leading to swift recovery over the next 24 hours.

Polkadot Price Analysis: DOT finds support at $24.35 after heavy selloff overnight
DOT/USD 4-hour chart. Source: TradingView

Polkadot price has seen a steady decline over the past weeks. After the previous low at $33 was reached on the 28th of November, DOT/USD slowly retraced higher.

Another lower high was set around $39, leading to a slow decline again during the first days of December. After some consolidation on Thursday, DOT started to rapidly move lower Yesterday.

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The previous low at $33 was quickly reached and clearly broken, opening the way for a lot more downside. Overnight, strong selling pressure continued, taking the Polkadot price to a new low at $24.35. However, buying pressure has quickly returned since, likely leading DOT/USD to recover most of the loss over the weekend.

Polkadot Price Analysis: Conclusion 

Polkadot price analysis is bullish today as we saw a strong decline end with a quick rejection from the $24.35 mark. Therefore, we expect DOT/USD to regain the loss and move towards the previous low around $33 next.

While waiting for Polkadot to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

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