Polkadot Price Struggles With Rest of Market

After updates from the Evergrande debt crisis yesterday, Polkadot struggled with the rest of the global markets. However, it has made pretty strong recovery attempts since its dip yesterday, with parachains being released today. Polkadot has recovered after testing lows around $42 to around $48 currently. Its MFI is trending upwards and momentum looks as if it may prepare to swing upwards, however, it should be noted movements from the overall cryptocurrency market as well as the broader global markets may affect price action in the coming days.

Polkadot’s ratio to BTC is currently testing short-term support, with momentum looking like BTC could start to outpace DOT, however, the MFI is trending upwards which could signal DOT outpacing BTC. Either way, the broader cryptocurrency space may be affected by global market developments so it’s important to keep that in mind.