- Polkadot’s token has formed a symmetrical triangle pattern.
- Astar Network will launch its EVM and WASM smart contracts this week.
Polkadot price moved sideways on Monday as cryptocurrencies continued consolidating. DOT was trading at $6.30, where it has been in the past few days. This price is much higher than its March low of $5.15.
Astar Network’s smart contracts launch
The biggest Polkadot news came from Astar Network, a leading parachain in the ecosystem. In a press conference, Astar said that it will launch its Smart Contracts 2.0 on its mainnet on April 6. As a result, the upgrade will make it possible for the network to support Ethereum Virtual Machine (EVM) and WebAssembly (WASM) VM smart contracts.
EVM is a technology I wrote about last week in reports about Zilliqa and IOTA. It is a technology that makes it possible for developers to build dApps that are compatible with Ethereum, the biggest smart contract platform in the world.
According to the developers, the new upgrade will make it possible to build WASM and EVM projects and multichain applications. Also, any developer will be able to connect their Astar projects to any Polkadot or EVM applications.
Read more: How to buy Polkadot.
This is an important news for Polkadot because Astar Network is one of its biggest parachain. ASTR, its token, has a market cap of more than $263 million. Its DeFi ecosystem has a total value locked (TVL) of more than $38 million.
Meanwhile, data shows that Polkadot developers are still busy working on the ecosystem. Data compiled by Proofof GitHub shows that Polkadot is one of the top ten projects in terms of Github activity. It ranks at position five after SSV, Cosmos, Aptos, and Kira Network. This means that these developers are busier than in other popular ecosystems like Ethereum and Cardano.
Polkadot price prediction
The 4H chart shows that the DOT price has moved sideways in the past few days. The coin has remained above the 38.2% Fibonacci Retracement level. It has also moved slightly above the 25-day and 50-day moving averages.
Most importantly, Polkadot has formed a symmetrical triangle pattern that is shown in green. This pattern is about to hit its confluence level while the MACD has moved above the neutral point.
Therefore, there is a likelihood that the coin will have a bullish breakout in the next few days. If this happens, the next key resistance point will be at $6.70, the highest point on March 18. This price is about 6.45% above the current level. A move above that level will see it jump to the key resistance at $7.50.
