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Polkadot's DOT Token Sees Uncertain Future Despite Development Activity and Bullish Market Sentiment

Despite an increase in development activity and unique addresses in Q2, the price of Polkadot's native token, DOT, has remained stagnant. However, the blockchain's advancement in interoperability could lead to rapid gains for DOT in Q3. Polkadot offers an ecosystem of custom blockchains called "parachains" that can host decentralized applications and be deployed on Polkadot's central hub, the Relay Chain.

The future of DOT depends on its ability to sustain buying levels above the $5.23 support and potentially flip the critical resistance level at $6.12 to target $7 and become bullish for the long term. The current price movement of DOTs is balanced, but slightly favoring bears, and it is important for the buying levels to remain above the $5.23 support in order to reverse the trend.

Polkadot Polkadot $8.47
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