Altcoins
Why did it fail to attract attention despite a major upgrade?
After the iconic bull run of 2021, crypto markets have attracted immense attention. Among them were altcoins like Chainlink, Uniswap, Polkadot, etc. which have soared. Even though LINK and UNI managed to make some gains, the DOT Price continues to remain consolidated below double digits. Additionally, JAM’s recent upgrade to Polkadot also did not have a major impact on the price of DOT, suggesting that the project and the crypto are both heavily undervalued.
What is JAM upgrade on Polkadot?
Recently, a few days ago, the network celebrated its 4th anniversary and, as icing on the cake, the community approved the JAM update. JAM, a decentralized hybrid system, combines the functionality of Ethereum and Polkadot to provide secure and scalable smart contract functionality. It mainly replaces the relay chain with a more efficient and modular chain with a minimalist design.
Conversely, DOT price remains calm, not impacted by fundamentals or market dynamics.
DOT price is stuck in the same consolidation range that Chainlink follows. LINK price has broken out of the range, while DOT price continues to trade within the same range. However, after an unsuccessful attempt to breach the levels, the price consolidated tightly along the upper bands of the Gaussian channel, which turned bullish. Therefore, this kept the bullish hopes alive, which could be confirmed after crossing $10 and hitting the important resistance at $11.
Meanwhile, OBV has maintained a thin horizontal line indicating an above-average level for over 12-15 months. Therefore, the possibility of bearish interference has been greatly reduced. However, while waiting for the influx of new liquidity, achieving a bullish breakout could be a tedious task for Polkadot (DOT) price rise.