Polkadot (DOT) is struggling to gain momentum at spot rates, remaining below $4.5 despite a broader market recovery. Meanwhile, Bitcoin and Ethereum have surpassed local resistances, now trading around $60,000 and $2,400, respectively. A closer analysis of DOT’s daily chart shows it is confined within the bearish range established between September 14 and 18. Although a slight uptick was observed on September 18, which became a launching point for a current upward swing, bulls have yet to harness the momentum effectively.
The immediate resistance level, corresponding to the highs of September 15 at $4.5, remains intact. Breaking this could potentially initiate a demand surge, contributing to continued gains and extending the 18% rally from the September lows.
Despite the improving crypto sentiment, DOT’s performance has been underwhelming. This lackluster movement persists even after the introduction of Agile Coretime, a feature developers deem crucial for the next network phase, Polkadot 2.0.
Agile Coretime, rolled out last week, brings several benefits for developers and protocols on the platform. It introduces more flexibility by allowing projects to access network resources as needed, avoiding previous constraints of fixed slots. Additionally, it aims to enhance scalability through adaptable core allocation, thereby improving network efficiency and supporting a broader range of applications.
Agile Coretime also sets the stage for the activation of Polkadot 2.0, which promises an overhaul of the current resource allocation model to make it more market-driven. Furthermore, developers plan to introduce Asynchronous Backing, which aims to separate the Relay Chain from Parachains, enhancing efficiency and scalability.
Despite these promising developments, DOT continues to lag, hovering near its yearly lows. Its future performance will heavily depend on the overall market sentiment and the behavior of Bitcoin and Ethereum. Should these major cryptocurrencies break their respective all-time highs in the coming weeks, DOT is likely to benefit as well.
 struggles below $4.5, underperforming despite a bullish market and pivotal Agile Coretime update. Can Polkadot 2.0 turn the tide?){kind=link}