The official Twitter handle of Polkadot, On Thursday, November 18, announced that Acala had won the first parachain auction and will be onboarded on December 18, 2021, at block number 8179200 and the beginning of lease period 6. Over 81K stakeholders contributed DOTs to the Acala crowdloan.
The announcement reads:
“Congratulations to @AcalaNetwork for winning Polkadot’s first parachain auction!
Acala will be onboarded at block #8179200 [Dec. 18] at the beginning of lease 6 with the other first 5 auction winners. Over 81K network stakeholders locked up DOT in favor!”
According to Acala, over 81K contributed more than $32 worth of DOT tokens. The first Polkadot parachain auction was a close encounter between Acala and the Moonbeam Network. Both projects swapped the first position many during the auction. Acala was announced as the winner by the candle auction process, which randomly selected a block from the past seven days, at which point Acala was in the lead.
As Crypto Economy reported, Acala’s canary network Karura was also the winner of the first parachain auction on Kusama, the canary network of Polkadot. Kusama Parachain auctions are also in full swing. Last Monday, November 15, 14th parachain auction concluded with Quartz, the sister network of Unique Network which describes itself as the next-gen NFT chain for Polakdot, as the winner.
The second auction also began on Thursday in which 10 teams are competing to win the second parachain slot. According to Polkadot.js, the Ethereum compatibility platform Moonbeam Network is in a strong position the secure the second slot as it is currently far ahead of its competitors with more than $34 million worth of DOTs locked on its crowdloan.
The second auction will end on November 25. These auctions are part of the first batch of 5 parachain that will occur one after the other, in succession, each lasting a week. The 5th auction will be concluded on December 16th and winners will be connected to their respective slots at the start of lease period 6 on December 18, 2021, for the period of December 17, 2021, to October 20, 2023.
There will be 100 parachains for both Kusama and Polkadot. Once the parachain lease ends after 48 weeks maximum on Kusama and 96 weeks on Polkadot, they will have to renew their lease by running another crowdloan.
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.