Polkadot’s development activity has some tips for its short-term traders
The Polkadot network provided updates on their ongoing efforts in a recent tweet. The tweet demonstrated the network’s activity with the inclusion of information regarding the parachain teams, ecosystem projects, and infrastructure providers.
The Moonbeam Cross-Consensus Message Format (XCM) SDK was announced as part of the update. Developers in the Polkadot/Kusama ecosystem can use the Moonbeam XCM SDK to quickly and easily transfer assets between the relay chain and Moonbeam/Moonriver.
Important as it is, this update facilitates seamless data and information exchange between the testnet and the mainnet. Developers on the network will have this capability, making it simple to ship projects after it has been validated on the testnet.
Looking at Polkadot’s development activity over the past few months, we could see that it had been steadily on the rise, reaching 87.76 at the time of this writing.
This is evidence of the team’s efforts and a reflection of the projects being worked on. In addition, 182 projects were listed on Polkadot and Kusam’s ecosystem project directory, and more were in the works.
Source: Santiment
DOT’s price trended downward during the past 6-months, as demonstrated by the charts on the daily timeframe. Since April, when its negative trend became apparent, its value had dropped by approximately 70%, as indicated by the trend line and price range.
The 50 Moving Average (short MA) was found to be under the 200 Moving Average (long MA), indicating poor performance and a bearish trend. Consistent with the MAs’ bearish trend, the Relative Strength Index (RSI) was found to be below the neutral line.
Based on the data presented, the $6.50 to $7.00 range represented strong immediate resistance, defined by the
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