Polkadot is set to gain AI capabilities soon, thanks to two new partnerships. It may take some time for the DOT price to respond to this update.
Polkadot gains momentum with new AI partnerships
Polkadot (DOT) is stepping up its game in terms of recent partnerships and efforts to drive adoption.
Interestingly, the team’s efforts are also reflected in the metrics, as Polkadot is ranked third on the Blockchain list by active developers.
Polkadot announces partnership with Fetch.AI and Peaq
Meanwhile, Polkadot Insider, a popular Twitter handle posting updates on the Polkadot and Kusama ecosystems, revealed an interesting partnership in the AI space on April 19. He said Peaq has partnered with Fetch.ai to tap into the AI potential in Polkadot and Kusama.
According to the tweet, Peaq has integrated Fetch.ai’s Microagents into its testnet and will soon launch them on the mainnet to bring them to the Kusama ecosystem.
With this partnership, developers can optimize and automate various business processes in the economy of things. AI has been trending for a while, and the partnership could spark new interest among investors.
More integrations to come?
Apart from this, another integration of Polkadot was with Notifi Network. Notifi’s platform offers devtools designed for Web3 projects to start sending near real-time alerts to end users. Currently the integration proposal is being voted on to decide which parachain to launch on.
DOT investors have to wait longer
While these developments look promising, they may take longer to reflect on Polkadot’s chart. According to CoinMarketCap, the DOT price has fallen marginally in the last 24 hours. At the time of writing, it is trading at $6.04 with a market cap of $7 billion.
DOT’s MACD indicated the possibility of a bearish reversal that could push the coin’s price further down. Another bearish indicator was Chaikin Money Flow (CMF), which recorded a decline.
However, the RSI seemed to be in buyers’ favor as it hovered above its neutral 50 zone. DOT’s Money Flow Index (MFI) also increased slightly, showing signs of recovery.
DOT price overvalued
Also, data from Token Terminal revealed that Polkadot’s P/S has increased over the past few weeks. The increase in the metric indicated that the coin was overvalued. Negative sentiments about DOT also dominated the market, as evidenced by the weighted sentiment metric.
Unfortunately, DOT’s demand in the derivatives market has plummeted a bit last week as the Binance funding rate dropped.
Polkadot bulls need to break through this level
Polkadot has performed well on the price charts in the last two weeks. The bulls have managed to push prices above the bearish block that has been acting as a stiff resistance since February 27. This move meant that more gains could be made in the coming days.
Technical analysis shows that if the DOT price hits $6.56, the bulls will target resistance in the $7.22 area. A drop below $6.6 will likely see $6 tested as support.
cryptocoin.com As we have reported, Polkadot stood out as the most active project of the bear market. The new Fetch.AI and Peaq partnership represents the project’s strongest push into the field of artificial intelligence.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.