Polkadot is set to gain AI capabilities soon, thanks to two new partnerships. It may take some time for the DOT price to respond to this update.
Polkadot gains momentum with new AI partnerships
Polkadot (DOT) is stepping up its game in terms of recent partnerships and efforts to drive adoption.
Interestingly, the team’s efforts are also reflected in the metrics, as Polkadot is ranked third on the Blockchain list by active developers.
Polkadot announces partnership with Fetch.AI and Peaq
Meanwhile, Polkadot Insider, a popular Twitter handle posting updates on the Polkadot and Kusama ecosystems, revealed an interesting partnership in the AI space on April 19. He said Peaq has partnered with Fetch.ai to tap into the AI potential in Polkadot and Kusama.
https://twitter.com/PolkadotInsider/status/1648551996226691078
According to the tweet, Peaq has integrated Fetch.ai’s Microagents into its testnet and will soon launch them on the mainnet to bring them to the Kusama ecosystem.
With this partnership, developers can optimize and automate various business processes in the economy of things. AI has been trending for a while, and the partnership could spark new interest among investors.
More integrations to come?
Apart from this, another integration of Polkadot was with Notifi Network. Notifi’s platform offers devtools designed for Web3 projects to start sending near real-time alerts to end users. Currently the integration proposal is being voted on to decide which parachain to launch on.
Dear Moonbeam Community, there is an important & interesting proposal in @Polkadot governance. If you hold $DOT tokens, please consider casting your vote for Moonbeam.@NotifiNetwork is a messaging infrastructure for Web3 projects that provides devtools for developers &…
— Moonbeam Network (@MoonbeamNetwork) April 18, 2023
DOT investors have to wait longer
While these developments look promising, they may take longer to reflect on Polkadot’s chart. According to CoinMarketCap, the DOT price has fallen marginally in the last 24 hours. At the time of writing, it is trading at $6.04 with a market cap of $7 billion.
DOT’s MACD indicated the possibility of a bearish reversal that could push the coin’s price further down. Another bearish indicator was Chaikin Money Flow (CMF), which recorded a decline.
However, the RSI seemed to be in buyers’ favor as it hovered above its neutral 50 zone. DOT’s Money Flow Index (MFI) also increased slightly, showing signs of recovery.
DOT price overvalued
Also, data from Token Terminal revealed that Polkadot’s P/S has increased over the past few weeks. The increase in the metric indicated that the coin was overvalued. Negative sentiments about DOT also dominated the market, as evidenced by the weighted sentiment metric.
Unfortunately, DOT’s demand in the derivatives market has plummeted a bit last week as the Binance funding rate dropped.
Polkadot bulls need to break through this level
Polkadot has performed well on the price charts in the last two weeks. The bulls have managed to push prices above the bearish block that has been acting as a stiff resistance since February 27. This move meant that more gains could be made in the coming days.
Technical analysis shows that if the DOT price hits $6.56, the bulls will target resistance in the $7.22 area. A drop below $6.6 will likely see $6 tested as support.
As Cryptokoin.com reported, Polkadot stood out as the most active project in the bear market. The new Fetch.AI and Peaq partnership represents the project’s strongest push into the field of artificial intelligence.
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