Team of Polkadot’s DeFi hub shared the details of one of its pioneering real-world integrations.
theCHIVE, an e-commerce platform with 10 million monthly users (MAU) in the U.S., moves some of its architecture to the blockchain-based platform.
Acala brings e-commerce to Polkadot with theCHIVE onboarding
According to the official announcement shared by Dan Reecer, Acala’s VP of Growth, e-commerce solution vendor Project Venkman has chosen Acala as its technical partner.
🔥 @theCHIVE, a roaring online community of 10 million monthly users, is set to debut its branded loyalty and NFT platform on Acala!
The launch is first in a series of branded launches on Acala from Venkman, an e-commerce engagement solutions provider.https://t.co/hdXY3D6Idp— Acala – DeFi Hub of Polkadot (@AcalaNetwork) November 17, 2021
Within this partnership, Acala will provide the technical basis for the loyalty program and digital collectibles initiative introduced by Project Venkman’s client, theCHIVE.
theCHIVE is a prominent e-commerce major: it is known for irreverent content and merchandise collaborations with celebs, such as Bill Murray, Chris Farley and John Daly.
Gavin Gillas, CEO of Project Venkman, is fascinated by the prospects opened for his team by the partnership with the top-tier blockchain-based product:
We’re pleased to partner with Acala and work across the Polkadot ecosystem to bring a new class of rewards to brands and communities around the world. DeFi brings so many opportunities for consumers to own their loyalty rewards and we’re proud to collaborate with Acala to make this happen for millions of users in the coming months.
Technically, the blockchain-based instruments will be utilized for fair and transparent rewards distribution between the customers of products by theCHIVE and other Project Venkman clients.
NFTs for Acala crowdloan supporters
Venkman and theCHIVE will harness Acala’s instruments for their initital NFT drop. Out of the first 25 NFTs, five unique tokens will be distributed between the contributors of Acala’s crowdloan campaign.
All Acala crowdloan participants who confirmed their emails are eligible for the lucky draw. Exchange addresses do not count, so only those who contribute “seamlessly” can receive NFTs.
Acala and Project Venkman announced that more real-world products will integrate Acala’s tools into their business models.
Polkadot price finds stable support that may help DOT resume bull run
- Polkadot price finds buyers at a primary support zone.
- A three-week correction cycle is complete and resumption of the bull market likely.
- New all-time highs are in sight.
Polkadot price has a very healthy-looking weekly Ichimoku chart, showing significant support. Compared to its peers, Polkadot price faces limited downside risks.
Polkadot price bounces, a renewed push towards $70 likely
Polkadot price recently ended a strong sell-off triggered by a powerful cycle in Gann analysis known as Gann’s ‘death cycle.’ The ‘death cycle’ is a seven-week (49 to 52 day) cycle that Gann warned could terminate any move that showed persistent price movement at a high slope. Additionally, a three-week correction after the ‘death cycle’ is the most common reversion period.
Polkadot is trading against the most powerful support level combination possible on its weekly chart. The 2021 Volume Point Of Control and the weekly Kijun-Sen share the $33.50 value area, which is exactly where Polkadot has bounced. To now confirm a resumption of the prior uptrend, Polkadot price will need to return to and close above the weekly Tenkan-Sen at $42.00.
The Relative Strength Index shows some initial support against the first oversold level in the bull market (50). If 50 holds, then a bottom may be in for Polkadot. Additionally, the Composite Index has generated hidden bullish divergence – a condition that is often a precursor to a resumption of a prior bull market.
DOT/USDT Weekly Ichimoku Chart
Downside pressure and risks remain for Polkadot price, however. If the $33.50 value area fails as support, the next support zone to watch is the top of the Cloud (Senkou Span A) at $29.50. Any daily or weekly close below $29.50 could trigger faster and deeper selling pressure because the Volume Profile becomes thinner, the lower price moves. In other words, the lower Polkadot price moves below $29.50, the faster and easier it is for it to make further declines.
Polkadot price analysis: DOT to test support at $32, support at $33.9 already crushed
- Polkadot price analysis is bearish today.
- Resistance for DOT/USD is present at $34.4.
- Support for DOT/USD is present at $32.
The Polkadot price analysis is bearish today. DOT/USD hasn’t found support yet, as the support at $33.9 has already crashed under selling pressure. However, DOT got some support around $33, but the downtrend has again begun as the bears have taken over control over the price function again. It is expected the DOT will continue to lose value today before recovering in the next trading session.
Overall the cryptocurrency market has observed negative sentiment with a bearish trend being followed by most coins, including the Bitcoin and Ethereum reporting losses from one percent to six percent mostly, with some coins reporting losses up to 11 percent today.
DOT/USD 1-day price chart: Bullish efforts declined
The 1-day price chart shows the price has decreased considerably today, and Overall DOT has been following a downtrend since 9th November, when the coin started to step down from the $53 level and has reached $33.7 at the time of writing today. The DOT/USD traded in a range of $35 to $32.8 today. The crypto pair reports a loss of more than six percent over the last 24 hours and a loss of 19.22 percent over the past week. The trading volume has also decreased today, but not much. However, the market cap has decreased by 5.49 percent.
The volatility is high for Polkadot, and the Bollinger bands are traveling downwards, which is not a good sign for the coming day. The lower limit of the Bollinger bands at $32.9 represents a support level for DOT to hold on, and the mean average at $41.9 represents the resistance zone for DOT, but it’s not relevant in the current scenario.
The relative strength index (RSI) has also stooped low to index 34. The RSI still maintains its downwards slope indicating the selling activity in the market. The moving average (MA) is present above the price level at the $38 mark.
Polkadot price analysis: Recent developments and further technical indications
The 4-hour Polkadot price analysis shows the price breakout was downwards from the start of today’s session, and most of the damage was observed during the first four hours. Thereon some bullish efforts were observed, but bearish pressure ruled out any bullish activity and continued the downtrend.
The volatility on the 4-hour chart has increased as the upper Bollinger band has reached $40 and the lower band is at the $31 mark, and the mean average of the Bollinger bands is forming at the $36 mark. The MA is present at the $34 mark, and the RSI still travels further low at index 33.
Polkadot price analysis conclusion
The Polkadot price analysis shows that the coin seems to be continuing the downtrend for today. If the price comes further down, then the next support zone is present at around the $31.6 level. However, traders can expect DOT to trade above the psychological mark of $30 for today.
Polkadot Price Prediction: DOT bears threaten 19% downswing
- Polkadot price is vulnerable to a 19% decline after breaking below a critical support trend line.
- The layer-1 token is looking to test the reliability of key support levels before recovery could be expected.
- DOT must hold above $32 to prevent further losses.
Polkadot price action has been muted, as DOT has failed to galvanize investors’ enthusiasm. The layer-1 token continues to slide lower, recording lower lows and lower highs. The governing technical pattern suggests that the token is likely to tag $27 if a key support level fails to hold.
Polkadot price to test reliability of support
Polkadot price has sliced below the lower boundary of an ascending parallel channel on the daily chart, suggesting a bearish forecast ahead for the token. DOT could continue to slide lower as investors engage in a period of profit-taking.
The first line of defense for Polkadot price is at the 50% retracement level at $32.74, then at the 200-day Simple Moving Average (SMA) at $28.81 which acts as a sturdy foothold as it coincides with the support line given by the Momentum Reversal Indicator (MRI).
However, if the aforementioned support fails to act as a reliable line of defense for Polkadot price, DOT could fall further to hit the bearish target projected by the governing technical pattern at $27.46, where the 61.8% Fibonacci retracement level also sits.
If selling pressure eases, the bulls could be incentivized to push Polkadot price higher toward the first resistance at the 100-day SMA at $37.11. An additional spike in buy orders could see DOT tag the 38.2% Fibonacci retracement level at $38.02.
To prevent further losses, buyers should target the lower boundary of the parallel channel at $40.58 next. However, additional hurdles for Polkadot price may emerge at the 21-day SMA at $42.10, then at the 50-day SMA at $43.68.
DOT/USDT daily chart
If the bulls manage to reverse the period of underperformance, slashing through the aforementioned obstacles, Polkadot price could aim for the middle boundary of the governing technical pattern at $54.20, located near the MRI’s resistance line and the token’s all-time high.