Why it Failed to Gain Attention Despite Major Upgrade?

After the iconic bull run of 2021, the crypto markets gained immense attention. Among them were altcoins like Chainlink, Uniswap, Polkadot, etc. that soared by huge margins. While LINK and UNI managed to attract some gains, the DOT price continues to remain consolidated below a double-digit figure. Moreover, the recent JAM upgrade on Polkadot also did not impact the DOT price to a large extent, which suggests the project and the crypto, are both heavily undervalued. 

What is the JAM Upgrade on Polkadot?

Recently, a few days ago, the network celebrated its 4th anniversary and as an icing on the cake, the community approved the JAM upgrade. JAM, a decentralised hybrid system, combines the features of both Ethereum & Polkadot to offer secure and scalable smart contract functionalities. It mainly replaces the relay chain with a more efficient and modular chain with a minimal design. 

Conversely, the DOT price maintains its calmness, being unimpacted by the fundamentals and also the market dynamics. 

The DOT price is stuck within the same consolidation range that Chainlink followed. The LINK price broke out of the range, while the DOT price continues to trade within the same range. However, after an unsuccessful attempt to breach through the levels, the price has been closely consolidating along the upper bands of the Gaussian channel, which has turned bullish. Therefore, this has kept the bullish hopes alive, which may be confirmed after slicing through $10 and reaching the important resistance at $11. 

Meanwhile, the OBV has maintained a fine horizontal line indicating above-average for over 12 to 15 months. Therefore, with this, the possibility of bearish interference has been slashed hard. However, until the influx of fresh liquidity, carrying out a bullish breakout could be a tedious job for the Polkadot (DOT) price rally.