Connect with us

Altcoin

Will DOT continue walking on thin ice disregarding Polkadot’s milestone

Published

on

Despite bullish signals, these can restrict DOT’s next price pump 
Source: StockAI


  • Polkadot’s development activity decreased while volume witnessed a surge  
  • Market indicators suggested that investors should be cautious 

Polkadot [DOT] made the headlines yet again, but not because of its development activity. The network distinguished itself from other leading chains by gaining an Altrank score of 1; this is a statistic that illustrates the health and performance of a project.


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


Reaching the score was a major bullish signal, as LunarCrush’s Altrank usually indicates the future of an ecosystem. Avalanche [AVAX] and Polygon [MATIC] stood among the top three of the list.

 

DOT also maintained its popularity in the crypto community, as it was on the list of the top coins in terms of social activity in the Polkadot ecosystem. All these developments looked optimistic for DOT and suggested a possible bullish rally in the coming week.

Despite these developments, DOT’s price was down by 1% in the last 24 hours. As per CoinMarketCap, at press time, DOT was trading at $5.54 with a market capitalization of more than $6.3 billion. However, a look at DOT’s on-chain metrics would better depict of what investors can expect from the token in the days to follow.

It’s an environment of caution

Polkadot’s development activity gained southward momentum and decreased sharply last week, which was a negative signal for the network. Though DOT’s Binance funding rate registered an uptick, it was comparatively down, indicating less interest in the derivatives market. Nonetheless, DOT’s volume displayed a surge, which looked promising for the token.

Source: Santiment

Furthermore, Polkadot’s daily chart revealed an ambiguous picture. Few market indicators were supportive of a price surge while others did not seem optimistic. For instance, DOT’s Moving Average Convergence Divergence (MACD) displayed a bullish crossover, indicating an increase in its value.

The Relative Strength Index (RSI) also went up over the last week and was resting right near the neutral mark. This could be an indication of a northbound breakout.

However, the Chaikin Money Flow (CMF) plummeted. Additionally, the Exponential Moving Average (EMA) Ribbon revealed a bearish advantage in the market as the 20-day EMA was below the 55-day EMA.

Source: TradingView

Read the best crypto stories of the day in less than 5 minutes

Subscribe to get it daily in your inbox.


Please select your Email Preferences.

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot's writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

Click to comment

Leave a Reply

Your email address will not be published.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.