Polkadot Price Slumps Despite Ecosystem Gains

Polkadot's price has fallen by 8.88% to $1.047, down from its previous level. The recent approval of the dotUSD stablecoin and listing on UEX.US have failed to reverse the bearish sentiment in the market.

The introduction of the native stablecoin, backed by $5 million, is expected to increase on-chain liquidity and network utility. However, this development has not offset the prevailing selling momentum in DOT.

On the hourly chart, the price remains below its key moving averages, with short-term and long-term pressure evident. The MACD signals strong selling, while ADX is neutral, indicating a lower open for the next 2-3 trading days.