Weighted sentiment towards DOT was not at its best at the time of writing. However, DOT managed to stay in the green at the time of writing, rising 6% over the past seven days.

Dot [DOT] Network’s official Twitter account posted a latest one overview of all events and updates the team had to share with the community. The tweet published on April 17 had some exciting developments that were the latest news about the ecosystem.

One of the updates was that the peaq network on Polkadot unveiled its integration with Fetch.ai. The integration was intended to power peer-to-peer applications with automation and AI.

Read Polka Dots [DOT] Price Forecast 2023-24

Another major development that made it to the Polkadot collection was about Polkadot’s NFT marketplace Raresama. According to the update shared by Polkadot, Raresama has experienced significant growth over the past year. In addition, the number of NFTs on the market has also grown significantly since January 2023.

Are congratulations in order for DOT?

According to data from Santiment, DOT’s social dominance was nowhere near its February highs. In addition, DOT’s social dominance was not in the best shape at the time of writing. This indicated that there wasn’t much talk about DOT socially. Additionally, DOT’s weighted sentiment also failed to paint a positive picture for the altcoin.

At press time, DOT’s weighted sentiment witnessed a decline compared to its last rise on April 11. Although development activity showed a strong increase from April 17, the statistic was not at its best since early April. However, a slight increase may indicate a positive development environment on the network.

Source: Sentiment

A look at DOT’s long/short ratio indicated that most investors did not favor long positions. At the time of writing, DOT’s long/short ratio stood at 0.95, with 51.67% of traders favoring short positions. Thus, traders in the market should expect a price correction or fluctuation for DOT in the coming days.

Source: CoinGlass

Line up at a green signal

At the time of writing, DOT was trading at $6.75 and managed to flash green. A look at the Moving Average Convergence Divergence (MACD) also showed the MACD above the signal line. This could be interpreted as a positive indicator for the price of DOT.

Furthermore, the Awesome Oscillator (AO) also flashed green ascending bars and managed to stay above the zero line. However, the Relative Strength Index (RSI) indicated that a trend reversal could be in the works. At the time of writing, DOT’s RSI was at 67 after touching the overbought zone.

Realistic or not, here is the market cap of DOT in BTC terms

At the time of writing, the RSI was in a down position. This could be an indication of a correction in the coming days.

Source: TradingView

Additionally, according to data from CoinMarketCap, DOT witnessed a price correction in the past 24 hours, falling by 1.22%. However, the price has increased by a significant 7.58% in recent days, giving investors some hope.

So, traders might want to think twice before going all out on DOT, especially in light of the conflicting scenarios presented by DOT’s stats and its price.

This post DOT’s justifiable celebration may have no stats because…

was published first on https://ambcrypto.com/dots-warranted-celebration-may-not-have-metrics-in-attendance-because/


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