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Polkadot investors could have a merry start to 2023 if DOT goes with this flow

2min Read
These are the reasons why Polkadot investors can relax..

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  • DOT’s RSI and stochastic were oversold, which was bullish
  • Metrics also supported a price hike while a few of the indicators were against it

Polkadot’s [DOT] recent price action was not up to the mark as it registered negative weekly growth. As per CoinMarketCap, DOT was down by nearly 3% over the last seven days. Furthermore, it was trading at $4.49 with a market capitalization of over $5.1 billion.

However, CryptoQuant’s data revealed that things might take a U-turn soon!

Read Polkadot’s [DOT] Price Prediction 2023-24

A celebration for investors 

As per CryptoQuant, Polkadot’s Relative Strength Index (RSI) and stochastic were both in oversold positions. This was a major bullish indicator that suggested a price surge in the coming days.

Interestingly, Polkadot Insider, a popular Twitter handle that posts updates related to the Polkadot ecosystem, revealed its weekly stats. This further established the popularity of Polkadot in the crypto community.

Furthermore, as per the tweet, Polkadot’s social engagement exceeded 43 million, reflecting its popularity. Not only that, but Polkadot’s Galaxy score also looked positive.

Furthermore, Polkadot’s metrics also showed signs of recovery, as most metrics suggested that the token’s price would rise in the coming days. For instance, DOT’s Bionance funding rate registered an increase, reflecting its demand in the derivatives market.

DOT’s development activity also went up, which could be taken a positive signal. DOT also managed to remain popular as its social volume spiked last week.

Source: Santiment

Are your DOT holdings flashing green? Check the Profit Calculator

The ‘but’ investors should watch out for…

While the metrics looked bullish, DOT’s market indicators revealed an ambiguous picture. For instance, the Exponential Moving Average (EMA) Ribbon pointed out that the bears were leading the market.

Moreover, the Chaikin Money Flow (CMF) also registered a slight downtick, which was concerning. Nonetheless, the Moving Average Convergence Divergence (MACD) suggested that the bulls might soon take over as it displayed the possibility of a bullish crossover.

DOT’s Money Flow Index (MFI) also registered an uptick, which was in the buyers’ favor. 

Source: TradingView


Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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