Since Dot [DOT] has registered an extremely high development activity, the blockchain has become a buzzing topic in the crypto industry. Polkadot had no intention of stopping there, however.

According to the crypto market intelligence platform, Santiment’s latest tweet, Polkadot, and Kusams’ shared GitHub repository remained the most active regarding notable active development. Furthermore, almost 538 entries were registered per day.

Increasing development activity is always good news for a blockchain as it represents the efforts behind the curtain to improve the network.

Interestingly, in addition to the development mentioned above, Polkadot has introduced several integrations that have helped add value to the network.

For example, Kraken Exchange announced the launch of new DOT collateral. With this development, investors can use DOT to gain exposure to more than 75 perpetual futures contracts.

However, despite this positive news, DOT’s price chart remained bleak as no promising rise was registered. According to dates from CoinMarketCapDOT is down more than 3% in the past seven days and at the time of writing it was trading at $6.20.

Here are AMBCryptos Price prediction for Polkadot [DOT] for 2023-24

Despite such continuous efforts, Dot registered a decline in its development activity last week. In addition, while DOT’s Binance funding rate rose slightly, it was still below the October 10 level. This suggested lower interest in the derivatives market token.

Source: Santiment

However, the good news was- while POINT‘s price fell, volume took the opposite path and increased over the past week.

The strong increase in volume reduces the chance of an unprecedented price drop in the coming days. In addition, DOT’s social dominance has also risen in the past seven days. So this suggests the increased popularity of cryptocurrency.

Source: Santiment

Bears still win?

Take a look at POINT‘s daily chart provided a bearish indication as most market indicators favored the sellers. The Exponential Moving Average (EMA) ribbon revealed that the 55-day EMA rested well above the 20-day EMA, indicating a huge bear advantage in the market.

Interestingly, the price of the alt has been following a sideways path for quite some time, showing support and resistance near $6.15 and $6.5 respectively. POINT‘s Chaikin Money Flow (CMF) registered a decline and moved towards a neutral position.

In addition, the Money Flow Index (MFI) was far from the neutral line, once again showing the sellers’ dominance.

However, the Moving Average Convergence Divergence (MACD) data provided some relief as it suggested that bulls had a slight advantage over bears.

Source: TradingView





This post Can Polkadot’s development activity act as a lifeboat for a drowning DOT

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