Polkadot is emerging as a leading blockchain project in the cryptocurrency industry. This project is developed and managed by the Web3 Foundation and is aimed at providing cross-chain interoperability between different blockchain ecosystems. It makes use of sharding and has a specialized mainnet which features an average block time of 12 seconds. Moreover, Polkadot supports multiple parallel chains which have their own unique features and characteristics.

The market capitalization of Polkadot currently stands at $7.2 billion and its market dominance is 0.17%. In terms of return on investment, Polkadot has an impressive 122%. On the technical front, the Polkadot price has experienced an extended tussle between the bulls and the bears. Currently, it's trading near the $6.2 level and there's been a downward spiral of more than 50% from its 90 day high. Intraday, Polkadot has seen a decrease in 6% of its trading volume along with a bearish candle in the daily chart. The decision to cross the 50 day moving average might lead to a downside trend in the coming days. The overall momentum of the Relative Strength Indicator (RSI) suggests a consolidated phase in the Polkadot price movement which is now sitting around at 50 level.

On March 28, Polkadot announced a partnership with Stellar which is expected to increase the liquidity and transaction speed of the network. If a bullish trend appears, the major resistance is seen near $8 while a bearish outlook may see Polkadot dropping to $5.5. It's must be noted, however, that this analysis is purely for informational purposes and should not be taken as financial advice. Anyone who wants to invest in or trade cryptocurrencies should take into account all the potential risks involved, as there is always a possibility of financial loss.



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