The Polkadot price has remained in a tight range in the past few days, but this may change as the developers teased a big launch on Monday. DOT token was trading at $3.96 on Sunday, a few points above the year-to-date low of $3.
Polkadot Teases a Big Launch
The DOT price will be in the spotlight on Monday after the developers sent an X post promising a major launch. They did not release more details of this launch, leaving users to speculate. It was the first time that Polkadot teased of such a launch.
Polkadot has undergone numerous developments over the past two years. The most notable ones is the ongoing transition to Polkadot 2.0, which has already asynchronous backing and agile coretime.
Agile coretime replaced the rigid parachain slot auction model with a dynamic, on-demand system. Asynchronous backing reduces the block time from 12 seconds to 6 seconds.
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Elastic scaling, on the other hand, allows rollups to add multiple cores or a single task, a move meant to address throughput concerns. This one is still in Kusama and will be implemented soon.
The other major development is that the community is voting on a new tokenomics model that will change how tokens are produced.
Data shows that most users, including Gavin Wood, are leaning towards the hard-capped model that will reduce the supply to 2.1 billion.
The hard cap is the most aggressive option, and could be highly bullish for the DOT price. A good example of this is the recent OKB price surge, which happened after a supply cap and a hard fork.
The other notable catalyst for the DOT price is the upcoming approval of the Polkadot ETF, which is expected to occur in November. Such approval will likely lead to more demand for the coin.
However, the risk is that the DOT price may drop on Monday if the upcoming news disappoints.
DOT Price Technical Analysis
The daily chart shows that the DOT crypto price has remained in a tight range in the past few months. It has remained at the support at $3.40, a level it has been at in the past two years.
The coin is in the accumulation phase of the Wyckoff Theory, which is characterized by low volume and volatility. The risk, however, is that this Wyckoff phase can last a long period before it moves to the mark-up one. A drop below the support at $3.395 will invalidate the bullish forecast.
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