Polkadot Price up by 2.85% – Time to Buy DOT

• Polkadot Lending Protocol receives a $10 million Fund.
• Enjin launches Polkadot Parachain for Gaming and NFTs.
• Polkadot Kickstarts DeFi Super App

Although the cryptocurrency market is in a slump due to global difficulties, the Polkadot price is experiencing an uptrend. Is the time right to buy DOT?

Polkadot is an open-source sharded multichain protocol that links and secures a network of specialized blockchains. Polkadot is a relay chain architecture, which means it allows several multiple blockchains to communicate at the same time (parachains). Investors will benefit from Polkadot’s security while also tapping into its low fees and throughput.

Polkadot Lending Protocol Moonwell Receives New $10M Fund

Investors are pouring money into the network’s decentralized finance (DeFi) building blocks, as Polkadot puts its blockchain centralizing concept for the future of crypto to the forefront.

The most recent investor is Lunar Labs, which announced a $10 million investment. The aim is to drive the development of Moonwell Artemis, a collateralized lending protocol for Polkadot’s Ethereum Virtual Machine (EVM)—compatible Moonbeam parachain.

The fundraising round, co-led by Hypersphere Ventures and Arrington Capital, is one of the first to include participation from Katie Haun’s new venture fund, founded by ex-Andreessen Horowitz General Partner Marc Andreessen.

Polkadot, which proclaims itself a Layer- 0 network, makes it simple for layer 1 parachains like Moonbeam to communicate securely. This means that Moonbeam—and Moonwell Artemis—users can simply move value across Polkadat networks without depending on risky cross-chain bridges.

Moonwell Apollo, the pilot lending protocol, began operating on Moonriver on February 10 and already has $269.61million in Total value Locked (TVL).

Enjin Launches Polkadot Parachain for Gaming and NFTs

Enjin, a blockchain company, has announced the introduction of Efinity, the Polkadot network’s first parachain dedicated to non-fungible assets (NFTs).

The Efinity ecosystem will include over 100 blockchain-based games and applications, the first of which is CryptoBlades, a play-to-earn NFT game with over 1 million users Polkadot parachains enable individual projects to construct their own specialized blockchains at scale, providing an alternative to NFT-based platforms that frequently overburden their network with enormous amounts of transactions.

Enjin Chief Technology Officer, Witek Radomski explained that NFTs have come a long way in recent years and it is necessary to build the infrastructure required to sustain them on a large scale.

Polkadot Kickstarts DeFi Super App

Polkadot lending protocol, Parallel Finance aims to be a one-stop-shop for all aspects of decentralized finance (DeFi).

This initiative was intensified with the inaugural release of six DeFi-related products, ranging from wallets to staking, crowd-loans to cross-chain bridges, an automated market maker, and yield farming.

Parallel Finance is a decentralized money market protocol developed on top of the Polkadot ecosystem that offers lending, staking, and lending. Parallel is one of Polkadot’s bigger DeFi ventures, with over $622.3million in total value locked (TVL) and a 21% market share.

Polkadot’s Technical Analysis

At press time, Polkadot’s price is trading at $20.31 and has grown by 2.85% in the last 24hours with a trading volume of $1.2 billion. The price has risen by 12.8% in the past week.

The technical indicators of DOT show the asset is slightly bullish in value. The crypto asset currently trades across the 38.2% Fibonacci retracement threshold of $20.32, which means DOT may see resistance at that level but would likely rise past the indicator price if the value of the larger crypto market continues to increase.

The DOT token’s Relative Strength Index (RSI) stands at 47.29. This shows that Polkadot is in the underbought zone; indicating it’s a good time for investors to buy DOT and rise with the market.

Furthermore, Polkadot’s asset is trading above the trendline, with a 50-hour Simple Moving Average (SMA) value of $20.34. Also, the Moving average convergence and divergence (MACD) value show the asset is slightly above the trendline. This presents a good opportunity for investors to buy DOT.

Also, the exponential moving average (EMA) is moving slightly below the trending line. This encourages investors to buy DOT.

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