- Polkadot topped the checklist of blockchains by way of improvement exercise
- Nonetheless, DOT’s metrics and indicators didn’t appear to favor its progress
Polkadot [DOT] lately made headlines as DOT topped the checklist of tokens within the Polkadot ecosystem by way of social exercise. This improvement was optimistic, because it showcased the recognition of DOT within the crypto group.
⚡️TOP #Polkadot #DOT Ecosystem Cash by Social Exercise
19 November 2022$DOT $CELR $LIT $KSM $DIA $PHA $CQT $EWT $ANKR $OCEAN pic.twitter.com/2cLLptJBve— 🇺🇦 CryptoDep #StandWithUkraine 🇺🇦 (@Crypto_Dep) November 19, 2022
Along with the aforementioned data, Polkadot grabbed the primary spot when it got here to the best improvement exercise.
TOP CHAINS RANKED BY DEV ACTIVITY IN THE LAST 7D@Polkadot is dominant by way of dev efficiency over the previous 7D. Bear market is for builders to develop, and Polkadot takes the possibility 🔥🔥🔥#Polkador $DOT #DOT #ETH #BTC #BNB #FTM #NEAR #AVAX #SOL pic.twitter.com/ygbz7QhbQ0
— Polkadot Insider (@PolkadotInsider) November 17, 2022
Nonetheless, regardless of these updates, issues didn’t look very favorable for DOT. In keeping with CoinMarketCap, DOT registered a destructive 3% efficiency within the final seven days. At press time, it was trading at $5.55 with a market capitalization of greater than $6.3 billion.
Learn Polkadot’s [DOT] value prediction 2023-2024
DOT buyers ought to be cautious
DOT’s stochastic was in an oversold place, which was a significant bullish sign. Moreover, regardless of DOT topping the checklist of blockchains by way of improvement exercise, Santiment’s chart revealed a distinct story.
As per knowledge from Santiment, DOT’s improvement exercise gravitated southward and declined over the past week. This wasn’t a very good signal for the blockchain. DOT’s quantity too witnessed a fall over the previous few days.
Nonetheless, the derivatives market heaved a sigh of aid, as DOT’s Binance funding charge registered an uptick. The token’s social quantity additionally spiked final week, reflecting its recognition.
Supply: Santiment
However keep cautious of the bears…
DOT’s each day chart revealed that issues may worsen, as a number of market indicators supported a value plummet within the coming days. As an example, the Relative Energy Index (RSI) registered a downtick, which was a bearish signal.
The On-Stability Quantity (OBV) adopted an analogous route, additional growing the probabilities of a value decline. An analogous theme was revealed with the Exponential Shifting Common (EMA) Ribbon. Due to this fact, buyers ought to train warning earlier than betting on Polkadot within the coming days.
Supply: TradingView
