OpenGov has been tested on the Kusama network before its launch on the Polkadot mainnet. The Polkadot ecosystem, which connects various blockchains through Parachains, has grown significantly and is fine-tuned by the Kusama ecosystem to filter only projects with a vibrant community. The Polkadot network's upcoming launches, including OpenGov, XCM V3, and system parachains, have kept the ecosystem optimistic about a bullish market outlook. The Polkadot community is concerned about inflationary pressures and may prefer the DOT supply to be similar to the Kusama network's maximum supply of 10M KSM. The DOT price has risen 25 percent YTD and is expected to reach $10 by the end of the year once OpenGov launches.

Long-term Polkadot holders have faced a challenging period as the exchange rate between DOT/USD dropped from its peak of $56 in late 2021 to a low of $5. Despite the recent rise in the crypto market, the daily chart still looks uncertain. While the bounce off the lows has been small, if the lows are maintained, it could indicate a correction within a larger bullish trend. 

Polkadot (DOT) reached a weekly high of $5.54 before entering a corrective phase. Despite retaining 1.8% of its overall gains in the past 24 hours and exhibiting a 3% price increase on the weekly chart, technical analysis suggests that bears currently have the upper hand with low buying strength and demand. However, if Bitcoin continues to rise towards $28,000, altcoins like DOT may also experience positive price action. On the one-day chart, DOT is currently trading at $5.47 with overhead resistance at $5.58 and crucial support at $5.40. Technical analysis shows a decline in buying strength and demand, but there are still buy signals and potential for a price increase.

The following information is solely the opinion of the writer and should not be taken as financial advice. A collection of top AI tools for various tasks is presented. Polkadot (DOT) has been experiencing price consolidation between $5.19 - $5.49 for most of May, with recent price action closing above the mid-range of $5.3.

The Polkadot price analysis reveals a positive shift in the market as bullish momentum returns, pushing the price up to $5.27. Despite a challenging period over the past few days, the coin is showing signs of recuperation, with a notable increase of 0.44% in the last 24 hours. The Bollinger bands indicator highlights a resistance level of $5.54 and a support level of $5.17 for DOT, while the RSI curve indicates buying activity in the market. Overall, the upward movement suggests that the recent significant correction may have come to an end.

Polkadot official announced that Binance now supports deposit and withdrawal of USDT on the Polkadot network.

The Polkadot price analysis suggests a bearish outlook due to a significant decline in the market. The asset's price has remained relatively stable in the past 24 hours, but with low buying pressure and decreasing demand and accumulation levels.

The recent short-term range formation at support indicates a bearish force, and bullish speculators have lost steam in recent days, suggesting further losses for Polkadot (DOT). The DOT bias has been bearish on higher timeframes over the past month, and the lack of reaction from support is a concern for buyers. DOT traders may consider entering short positions in the $5.4-$5.5 area or looking for short positions if prices fall below $5 and retest the region as resistance. The recent decline in open interest despite DOT prices hovering around $5.25 suggests a strongly bearish sentiment in the near term.

Users have expressed concerns about the security of the Ledger cold storage tool and are now migrating to the Polkadot vault, which offers several commendable features. The recent firmware update by Ledger has raised questions about the presence of a backdoor, which the co-founder could not disprove.

As the Polkadot ecosystem gears up for its biggest event of the year, more Web3 developers are integrating for a scalable future. Despite consolidation since February, the DOT price has gained over 23% YTD, currently trading at around $5.4. Polkadot remains one of the most valuable chains offering secure and scalable multi-chain capabilities, with over 1.1 million users. The upcoming Polkadot Decoded event, scheduled for June 28 and 29, will highlight Web3 development and the need for interoperability for scalability. The event will be available to both onsite and online users from Copenhagen, Denmark.