Polkadot Unveils ChatGPT Rival PolkaBot AI: But Analyst Warns of Potential DOT Price Decline

Polkadot rolled out a new artificial intelligence tool dubbed PolkaBot.AI – offering insights and information related to its blockchain ecosystem in the form of the red-hot chatbot ChatGPT.

However, despite the forward-thinking integration of AI, not all market observers remain bullish on DOT’s near-term price outlook.

PolkaBot Provides Customized Learning About Polkadot

As detailed on Polkadot’s official channels, PolkaBot.AI leverages decentralized AI OriginTrail and NeuroWebAI models to empower users with knowledge on all things Polkadot. People can access the bot directly via familiar chat interfaces or the PolkaBot.ai website.

Framed as an educational resource, PolkaBot stands to boost awareness and understanding of Polkadot’s offerings at a time when complexity presents barriers to mainstream adoption. The move also keeps Polkadot at the forefront of AI integration, following similar Web3 projects in augmenting capabilities via machine learning.

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Technical Analyst Spots Ominous Price Pattern

However, despite the long-term innovations, trader Tony Bitcoin highlights the emergence of a bearish ascending wedge pattern on Polkadot’s DOT token charts.

This setup, characterized by consecutive higher highs and higher lows within a narrowing range, typically resolves downward with an eventual break below rising support.

If DOT confirms a breakdown in its wedge structure, Tony expects prices to drop and expects the opposite if it breaks the top of the wedge.

With Polkadot positioned as a long-term bet on web3 infrastructure, the project likely accepts near-term volatility if it can accelerate ecosystem-building.  

Over the last 24 hours, DOT has traded relatively flat, gaining only 0.6%. Expanding the timeframe shows DOT remains stuck in a consolidation phase, with single-digit percentage changes over the past week (6.6% gain) and month (14.0% gain). Some bullish divergences appear on wider timeframes, with DOT notching a solid 17.4% rally over the past two weeks.

In the interim period, technical analysis provides clues about navigating market timing. But the big-picture trends may pay little heed to the price charts. Power users of PolkaBot itself may soon have an input into whether DOT bucks its wedge destiny.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency