Polkadot price fails to recover after five parachains auctions – FXStreet

Ekta Mourya Ekta Mourya
FXStreet

Polkadot price has failed to recover from a drop below $30. The network is the first heterogenous sharded blockchain to launch five blockchains in its ecosystem. 
Polkadot price has posted a 40% loss over the past month. Proponents expected the launch of the first five parachains- Acala, Moonbeam, Parallel Finance, Astar and Clover to positively impact price. 
The five winning projects have leased their parachain slots for 96 weeks. Ethereum co-founder and creator of Polkadot, Gavin Wood, said, 
The parachain model was created with the belief that the future of Web 3 will involve many different types of blockchains working together.
Bette Chen, co-founder of Acala, one of the winning projects, said, 
After taking a bet on Polkadot and the Substrate framework when we started building over two years ago, we couldn’t be more excited to be launching Acala’s parachain to provide a DeFi platform and native, decentralized stablecoin (aUSD) to the Polkadot ecosystem and beyond.
The launch turned out to be a non-event for price. The event concluded over the weekend, followed by FTX exchange’s listing announcement for Polkadot. The Bahamian-based cryptocurrency exchange revealed that Polkadot would be listed on its spot exchange. 
The news of the exchange listing failed to fuel the bullish narrative for Polkadot price. Analysts have evaluated the Polkadot price trend and predicted a lower high in the altcoin. 
@AltcoinSherpa, a pseudonymous cryptocurrency analyst, believes that if the Polkadot price drops below the support at $24, it will hit a lower high. 
$DOT: $24 better continue to hold or this thing is going to goblin town. I still think it will and I think that it eventually makes some sort of lower high. pic.twitter.com/TjZKKuDDPb
FXStreet analysts have predicted that the Polkadot price is halfway through its 25% upswing. 
 

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Ethereum price has formed three bullish daily candles, affirming its micro position before the Merge occurs. The second-largest cryptocurrency toppled from highs marginally above $2,000 around mid-August. Declines were unstoppable until Ether price slowed at $1,427. Although a full recovery remained elusive, ETH is now almost brushing shoulders with $1,700 while bulls push for gains beyond $2,000.
Bitcoin price has been in a consolidation range for the last nine days and shows no signs of breaking lower or higher. However, the general outlook for BTC is that it needs to collect liquidity before attempting a recovery rally. 
Vitalik Buterin created several Twitter polls to discover different public opinions on his character. Buterin inquired, “which non-Ethereum cryptocurrency do I respect the most?” Intriguingly, the list contained Bitcoin, Binance Coin and Solana but excluded Cardano.
DOT popped higher after bulls limited losses to near zero on Monday. Polkadot enjoys some tailwinds from markets applauding support packages in Europe. Expect to see another little pop higher, but a double cap is nearby and will probably trigger an early fade.
Bitcoin price shows an ongoing consolidation as it hovers at the same level for the past six days with no signs of directional bias. A breakout from this tightening range could result in a bearish move that eyes a sweep of the sell-stop liquidity below recent lows.
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