Polkadot parachain trajectory remains positive, with Neuroweb leading the way. Will this network rally drive Polkadot above $10?
As the crypto market experiences a bearish hiccup, the AI and Big data segment has dropped from $70.42 billion to $63.88 billion. Among the top AI losers, the Filecoin FIL $6.37 24h volatility: 10.3% Market cap: $3.90 B Vol. 24h: $1.65 B , Fetch.AI FET $1.78 24h volatility: 4.4% Market cap: $4.65 B Vol. 24h: $1.21 B , and Injective protocol rank the charts.
Rising against the tide, the AI project Neuroweb, secured by the Polkadot chain, is making historical records. Extending the growth trajectory, NeuroWeb.AI is changing the AI landscape.
NeuroWeb operates as a parachain on Polkadot to increase its interoperability and security and power the decentralized AI platform. NeuroWeb AI introduces the concept of knowledge mining in space, where individuals or organizations can contribute knowledge assets to the ecosystem and become miners.
Furthermore, OriginTrail’s Decentralized Knowledge Graph (DKG) is the foundational NeuroWeb infrastructure. The DKG combines knowledge graph and blockchain technologies to enable a universe of AI-ready Knowledge Assets, allowing anyone to participate in trusted knowledge sharing.
Knowledge Assets represent valuable, structured pieces of information, data, or insights contributed to NeuroWebAI’s decentralized ecosystem. Further, the Knowledge Assets are tokenized and recorded on the blockchain, ensuring their provenance, integrity, and accessibility across applications.
Miners are rewarded with tokens as an incentive for adding new knowledge assets to the blockchain. In a recent tweet from Polkadot, Neuroweb is reported to have hit a new all-time high of knowledge assets. The platform added 2.4 million knowledge assets in November, surpassing those added in October.
On a monthly frame, the transfers on the Polkadot parachains registered a new all-time high, registering a total of 9.07 million. Out of this, more than 50% of transfers came from NeuroWeb, accounting for 6.96 million transactions in November.
This surpasses the total 8.81 million transfers in November, in which the NeuroWeb constituted 6.44 million transfers.
As the broader market witnessed a surge in selling pressure yesterday, Polkadot’s price fell by 18.45%. With this, Polkadot failed to surpass the 38.20% Fibonacci level at $10.26, dropping below the $10 psychological mark.
Polkadot is now stuck at $8.55. Furthermore, the massive crash undermined the recovery rally over the past two weeks and is now inching closer to the 100-week EMA line. As the weekly RSI line drops back below the overbought boundary line, Polkadot is reflecting a minor decline.
Source: Tradingview
Despite the weekly RSI line reversing from the overbought zone, the underlying demand hints at a potential comeback. Despite the massive crash, Polkadot’s price has bounced back from its 7-day low of $7.577.
With a lower price rejection and the positive crossover in the 20-week and 50-week EMA lines, the altcoin is likely to rechallenge the neckline at $10.26. Further, a bullish breakout will target the 50% Fibonacci level at $14.145.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Polkadot (DOT) News, Altcoin News, Cryptocurrency News, News
Vishal, a Bachelor of Science graduate, began his journey in the crypto space during the 2021 bull run and has since navigated the subsequent market winter. With a strong technical background, he is dedicated to delivering insightful articles rich in technical details, empowering readers to make well-informed decisions.
