Polkadot price remained in a tight range on Thursday as investors waited for the upcoming summit in San Francisco. DOT was trading at $6.36, where it has been in the past few days. This price is slightly above this month’s low of $5.68.
Polkadot Summit and Litentry price action
Polkadot price has consolidated recently after the developers launched a new way to stake DOT coins in its ecosystem. The network introduced nomination pools that make it possible for people to stake as little as 1 DOT.
According to Polkadot, there are now 50 nomination pools a day after it was launched. Before the launch of these pools, the only way to participate in the nomination process was to directly nominate validators, using their stake of DOT tokens to select up to 16 trustworthy validators.
Therefore, with nomination pools, the creator of a nomination pool manages nominations on behalf of pool members. It is now reducing the time and overhead necessary to participate in the nomination process. According to StakingRewards, Polkadot yields about 14%.
Learn more about how to buy Polkadot.
Polkadot price also rose as the Polkadot Summit started in San Francisco. The summit is being hosted by Astar Network and will feature some of the top developers in its ecosystem. Some of the top speakers will be Eric Wang of Parity Technologies, Sota Watanabe of Astar Network, Joshua Waller of Phala Network, and Albert Hu of Alchemy.
Meanwhile, Polkadot consolidated as Litentry price continued surging. Litentry surged to a high of $1.33, which was the highest level since April. It has risen by more than 261% from its lowest level this year.
Litentry is one of the fastest-growing Polkadot’s parachain that provides a cross-chain identity aggregator that makes it possible to link user identities across multiple networks. Its ecosystem is made up of Drop3, Litentry Graph, and Web3Go.
Meanwhile, Polkadot is going through changes. In its recent statement, the developers said that they will introduce Asyncronous Backing, parathreads or next-generation scheduling, governance overhaul, staking dashboard, disputes slashing, and weights V2.
Polkadot price forecast
The daily chart shows that the DOT price has been in a tight range in the past few months. It has crashed below the 25-day and 50-day moving averages. It is also slightly above the important support level at $5.9.
The Relative Strength Index (RSI) moved slightly below the neutral point. Therefore, there is a likelihood that the Polkadot price will keep falling as sellers target the key support at $5.