While other altcoins severely decimated their prices during intraday trading on June 14, Polkadot’s native token, DOT, saw some relief. The token registered a price increase which was lost at the end of the day.
In the early hours of June 15, the token traded to $7.66. However, it went down 5% by press time. What else have we seen in the last 24 hours?
According to data from LunarCrush, the volatility of the DOT token has increased by 31% in the past 24 hours. The gains and losses that have plagued the DOT token over the past 24 hours are proof of this.
During trading hours on June 14, the token recorded a 5% price increase. However, towards the end of the day, it continued to shed all these gains.
In the early hours of June 15, a price increase of 7% was registered. However, by press time, the token lost 5% of these gains. At the time of profit, the DOT token switched hands at $7.15 with a total price drop of 3.45% per DOT token in the last 24 hours.
Price chart analysis revealed that the DOT token has been suffering from bears’ hands since May 4. The price of the token has since started a steady decline. Since then, the Relative Strength Index (RSI) has been below 50 neutral zone. Oversold at the time of going to press, the RSI was spotted at 30.
A bullish run may be far from in sight. With the MACD line intersecting the trendline on a downward curve since June 11, the bears could stay here for a while.
Deterioration in the chain
The DOT token registered a decline in its street value in the past 24 hours. His social dominance saw a 5% drop. The social volume within the same window period also reached a whopping 75%.
There has also been a decrease in development activity on the Polkadot network in the past 24 hours. It saw a 0.18% drop.
Now, with bearish sentiment peaking in the past 24 hours, buyers should be cautious.
This post Polkadot Investors Who Married Bias Should Know This About DOT’s Street Value
was published first on https://ambcrypto.com/polkadot-investors-who-married-bias-should-know-this-about-dots-street-cred/