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The Greatest Holiday Gift of All: Winning a Polkadot Parachain

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The Kusama parachain slot auctions turned out to be a huge success. As promising next-gen blockchain projects battle it out for the limited slots, Centrifuge’s Altair won a slot in the ninth auction of the second batch of Kusama auctions.

Altair led the auctions with a significant crowdloan contribution of over $61.7 million worth of KSM tokens, contributed by more than 11,200 community members. As Altair continues its five-phase launch process on the Kusama network, the Centrifuge team is preparing to participate in the second batch of the upcoming Polkadot parachain slot auctions slated to start on December 23, 2021.

The Centrifuge project has immense potential, which is underlined by the support it has received from the community for its Altair crowdloan. Accordingly, there are high expectations for Centrifuge as it enters the Polkadot auctions to bid on the limited number of slots.

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Winning the slot will be the perfect holiday gift for both Centrifuge and its community members. But does the project have what it takes to win? To find that, let’s take a closer look at what Centrifuge is, how it adds value to the Polkadot network, and what its chances are of winning.

The Connection Between Polkadot And Kusama

Kusama serves as the Canary network or testnet for Polkadot. It features a similar code structure to Polkadot, giving it a pre-production infrastructure that allows developers to test and validate their dApps and protocols before deploying them on Polkadot.

Any project willing to leverage the speed, scalability, cost, and interoperability features of Polkadot (and Kusama) must first connect to the network via a parachain. However, there are only 100 parachains, which is why there is so much competition between projects.

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Bringing Real-World Assets To The On-Chain Ecosystem

Centrifuge bridges real-world assets (RWA) to the decentralized finance (DeFi) ecosystem. Founded in late 2017, the core vision of the Centrifuge team is to provide everyone with equal economic opportunities while connecting borrowers and lenders in a fully decentralized ecosystem.

Via its decentralized asset financing protocol, Centrifuge enables anyone to tokenize real-world assets like invoices, real estate, and royalties. These “tokenized assets” can then be used as collateral to access financing using Centrifuge’s asset-backed lending dApp, Tinlake.

There are no centralized authorities or intermediaries in this process, and anyone can add liquidity to the pools to earn CFG tokens as rewards. Tinlake enables on-chain borrowing against a wide range of collateralized assets while ensuring interoperability with different blockchains in funding sources, including stablecoins.

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Currently, Centrifuge’s dApp, Tinlake, accesses DeFi liquidity on the Ethereum chain. The platform has partnered with MakerDAO and Aave to maintain stable credit financing, transparency, and lower capital costs on DeFi. By winning a Polkadot parachain slot, Centrifuge will expand its potential by bringing real-world DeFi to the Polkadot network while offering seamless cross-chain liquidity.

When it comes to Centrifuge’s chances of winning a Polkadot slot, there is no denying the fact that the platform already has the upper hand compared to other projects. As of date, Centrifuge’s Tinlake has the highest total value locked (TVL) within the Polkadot ecosystem. Furthermore, the platform has an extensive roadmap of thoroughly utilizing Kusama and Polkadot networks to their fullest potential.

Additionally, Centrifuge’s integration with Polkadot will create an entirely new ecosystem for DeFi in the Polkaverse. Through Polkadot, projects like Centrifuge, Acala, and Moonbeam can scale and integrate. At the same time, Centrifuge makes it possible for real-world assets to be used as collateral for on-chain transactions, thus taking DeFi on Polkadot to a whole new level while unlocking trillions of dollars that would otherwise have stayed untapped.

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Polkadot price analysis: DOT to test support at $32, support at $33.9 already crushed

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  • 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.

Polkadot price analysis: DOT to test support at $32, support at $33.9 already crushed 1
DOT/USD 1-day price chart. Source: TradingView

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.

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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.

Polkadot price analysis: DOT to test support at $32, support at $33.9 already crushed 2
DOT/USD 4-hours price chart. Source: TradingView

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.

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Polkadot Price Prediction: DOT bears threaten 19% downswing

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  • 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.

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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.

DOTUSDT

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.

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Polkadot price analysis: DOT value depreciates below $35.89 as bears continue winning

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  • Price has decreased up to $35.89 level.
  • Polkadot price analysis predicts downtrend.
  • Support is found at $34.47 position.

DOT/USD 1-day price chart: Price levels collapse to $35.9 as bears show consistency

A constant downward trend has been going on for the past couple of weeks, as the selling activity almost reached its peak point. The bears have been dominating the price chart for the past 24-hours as well, as the price went down up to $35.893 moment. The situation is turning more unfavorable for the cryptocurrency buyers, as DOT value is constantly decreasing. Moving on, the moving average indicator is dictating its value at $43.84 at present.

Polkadot price analysis: DOT value depreciates below $35.89 as bears continue winning 1

Although the bulls are trying to find their way to recovery, the bears have been making their attempts unsuccessful. The volatility is unchanging, and the upper value for the Bollinger Bands Indicator is now at $53.22, and the lower value is at $34.47. The Relative Strength Index (RSI) score has declined up to 36.33.

Polkadot price analysis: Bulls succeed in rescuing price above $35.8

The four hours Polkadot price analysis predicts an uptrend as the price has undergone a sufficient improvement in the past few hours. The latest price movement is bullish, and the bulls have managed to escape the intensifying downtrend. The price is now at a much stable position, i.e., $35.88, and is expected to reach a further high point in the next few hours. The moving average value has moved down to $38.26, as the bears were leading earlier.

Polkadot price analysis: DOT value depreciates below $35.89 as bears continue winning 2
DOT/USD 4-hours price chart. Source: TradingView

The increase in volatility suggests that the trends might shift soon because of bearish return. Nonetheless, the upper Bollinger bands value has reached $42.13, and the lower Bollinger bands value has moved down to $35.85. The RSI curve confirms the uptrend, and the score has been enhanced up to 35.60.

Polkadot price analysis: DOT value depreciates below $35.89 as bears continue winning 3
DOT/USD technical indicators chart. Source: TradingView

As the bearish momentum is getting stronger, a prominent rise in the selling activity has been going on for the past few months. The technical indicators chart is thus giving out a bearish signal. We can see that 13 indicators are at the selling level, ten hands are at the neutral level, and three are at the buying level.

The Moving Averages Indicator is giving out a solid bearish indication as well. A total of 12 indicators are on the selling side; two hands are on the buying side, while only one indicator is on the neutral side. The oscillators give a neutral hint as nine oscillators are on neutral point, whereas on the one hand, each is on the selling and buying points.

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Polkadot price analysis conclusion

The daily and hourly Polkadot price analysis gives a bearish hint as the price has undergone a massive decline today. The price is now settling at the $35.89 level and is expected to lower further in the next couple of days. On the other hand, the hourly price prediction supports the buyers as the price covered bullish movement in the last four hours.

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