• Polkadot has witnessed a landmark achievement as it prepares to launch a key feature next month.
  • The blockchain’s governance council members approved the network’s parachain auctions.
  • DOT price rose 25% following the announcement, just a few dollars short of its all-time high.

Following unanimous approval from the Polkadot network’s on-chain governance council members, the blockchain is now anticipating the debut parachain auctions. The launch marks a significant achievement as it realizes the final core technical element of its whitepaper.

Polkadot reaches major milestone since inception

The proposal for the first parachain auctions on Polkadot was approved by its community, as the network fulfills its goal of multichain interoperability. The layer-1 project aims to enable blockchain networks to be interoperable with one another and accomplished its goal as members voted to approve the proposal to launch its first parachain auctions.

Parachains are blockchains that run alongside the main network, which are also tethered to the Polkadot Relay Chain. 

The protocol, co-founded by Gavin Wood, has long been anticipating parachain auctions, which will commence in November. The first auction is expected to be held on November 11 after the Polkadot Council voted in favor of Motion 118. 

The parachain auctions will continue at a rate of one per week for five consecutive weeks until the final auction set on December 9. Polkadot auctions will be held in transit for the duration of one month, while the initial bidding period will last for two days. 

Due to the fact that the blockchain values quality over quantity, there will be a 75% capacity of projects compared to that witnessed on Polkadot’s sister network, Kusama. 

Kusama acts as a test environment for Polkadot, which held its first batch of parachain auctions in June and July. 

Since the announcement, Polkadot price rallied over 25% creating a new swing high at $43.24. 

Polkadot price to retest support before resuming ascent

Polkadot price witnessed a tremendous run following the announcement of the launch of its parachain auctions. DOT aimed to challenge its all-time high price at $49.35 but fell short at $43.23. 

The Ethereum-killer may search for a key foothold before resuming its rally, with its nearest support at the upper boundary of the ascending parallel channel at $39.84. If Polkadot price manages to secure this level as support, DOT may have a higher chance of reaching the prevailing chart pattern’s bullish target at $49.53.

DOTUSDT

DOT/USDT 4-hour chart

If DOT experiences a spike in selling pressure, the token may discover support at the September 14 high at $38.77. A following line of defense may emerge at the September 16 high at $37.33 before Polkadot price slumps further toward the 78.2% Fibonacci retracement level at $35.85. 

 

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin price action over the last 72 hours indicates that a massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective. 

More Bitcoin News

Luna Classic price: Binance burned 6 billion LUNC, triggering massive rally in the altcoin

Luna Classic price: Binance burned 6 billion LUNC, triggering massive rally in the altcoin

Luna Classic (LUNC) price witnessed a massive spike on Friday, after yielding 12% gains overnight. The move came after the world’s largest crypto exchange, Binance announced it would be burning 6.39 billion LUNC tokens. 

More Luna Classic News

Binance native token BNB and staking derivatives bleed after $5 million DeFi exploit on Ankr Protocol

Binance native token BNB and staking derivatives bleed after $5 million DeFi exploit on Ankr Protocol

Binance’s native token BNB suffered a 3% decline in response to the $5 million exploit on DeFi protocol Ankr Protocol. The BNB chain-based protocol confirmed that it has fallen victim to a multi-million dollar exploit. 

More Binance Coin News

Cardano price gets underpinned, could move 10% north before New Year

Cardano price gets underpinned, could move 10% north before New Year

Cardano (ADA) price action is trading in more quiet waters as the spillover effects and aftermath of FTX and BlockFi bankruptcies are finally easing into the background. 

More Cardano News

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

A massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective. In this weekly forecast, we will take a look at Bitcoin’s monthly performance for the last decade and determine if this bullish outlook is possible. 

Read full analysis

BTC

ETH

XRP