- Polkadot tops the list of blockchains in terms of development activity
- However, DOT metrics and indicators did not appear to be conducive to its growth.
Spotted [DOT] recently made headlines as DOT topped the list of tokens in the Polkadot ecosystem in terms of social activity. This development was optimistic, as it showed the popularity of DOT in the crypto community.
— 🇺🇦 CryptoDep #StandWithUkraine 🇺🇦 (@Crypto_Dep) November 19, 2022
In addition to the aforementioned information, Polkadot took the top spot when it comes to the highest development activity.
TOP CHANNELS RANKED BY DEV ACTIVITY IN THE LAST 7 DAYS@Spotted is dominant in terms of dev performance over the last 7 days. The bear market is for builders to grow, and Polkadot is taking the risk 🔥🔥🔥#Polkador $POINT #POINT #ETH #BTC #BNB #FTM #NEAR #AVAX #FLOOR pic.twitter.com/ygbz7QhbQ0
— Polkadot Insider (@PolkadotInsider) November 17, 2022
However, despite these updates, things weren’t looking very good for the DOT. According to CoinMarketCap, DOT has recorded a negative performance of 3% over the past seven days. At press time it was trade at $5.55 with a market cap of over $6.3 billion.
Lily spotted [DOT] price prediction 2023-2024
DOT investors should be careful
The DOT stochastic was in a oversold position, which was a major bullish signal. Moreover, despite POINT Topping the list of blockchains in terms of development activity, Santiment’s chart revealed another story.
According to data from Santiment, DOT development activity has shifted south and declined over the past week. This was not a good sign for the blockchain. DOT volume has also seen a drop over the past few days.
Nonetheless, the derivatives market breathed a sigh of relief, as POINTBinance’s funding rate saw a slight uptick. The token’s social volume has also increased over the past week, reflecting its popularity.
But beware of bears…
POINTThe daily chart for revealed that things could get worse as several market indicators supported a drop in prices in the coming days. For example, the Relative Strength Index (RSI) recorded a decline, which was a bearish sign.
On-Balance Volume (OBV) followed a similar path, further increasing the odds of a price drop. A similar theme was revealed with the Exponential Moving Average (EMA) ribbon. Therefore, investors should exercise caution before betting on Polkadot in the coming days.