The entire crypto market is trying to recover from the recent crash. However, in the case of the Dot token, after breaking a symmetrical triangle pattern on May 17 and trading above the $10 level, the bears seemed to have spotted the coin.
After a high of $11.29 during intraday trading on May 17, the bears forced a retracement. As a result, the DOT token lost 7.24% in less than 24 hours, fixing the price per DOT token at $10.36 at the time of printing.
Likewise, the coin’s market cap experienced some plunge. During intraday trading on May 17, a record $11.2 billion, this has since bounced back and stood at $10.23 billion at the time of publication.
Following an increased bearish bias, trading volume has since fallen to $802,571,063. This represented a decrease of 4,235 in the past 24 hours.
No place to run to
On-Chain analysis of DOT’s performance over the past 24 hours revealed that things may not be going well with this token.
From a social standpoint, the token didn’t seem to have enjoyed much social rep in the past few days. In spite of the Announcement of the upcoming Polkadot Decoded Event, social statistics have been on a downward trend in recent days. 152 at the time of going to press, social volume fell by 82% from a record 887 nine days ago.
Likewise, social dominance, which attempted to spike after the May 17 intraday high, was pushed downward, standing at 0.479% at the time of publication.
In terms of development, on-chain data has shown no meaningful growth in recent weeks. May was marked by a steady decline in the development activity index for the DOT token. This stood at 352 and was on a downward progression at the time of writing.
Interestingly, before you lose all hope as an investor, you should note that a MACD bullish crossover was observed at the time of writing. The MACD line marked their positions below the histogram bars and crossed the trendline in an upward direction, indicating a long-term bullish outlook.
This post Polkadot: Should DOT Investors Expect a Rally in the Face of a Dead Cat Bounce?
was published first on https://ambcrypto.com/polkadot-should-dot-investors-expect-a-rally-in-the-face-of-a-dead-cat-bounce/