- In the past few days, Polkadot’s bearishness has dropped.
- On DOT, most market indicators and metrics were bullish.
Cryptos are down in most cases, and the market is already struggling. However, Polkadot [DOT] Its daily chart, however, remained in green. Is this a sign that investors can expect to see the token price rise even further over the coming days.
Polkadot goes a new route
Bitcoins’ price has dropped by 10 percent in the past week due to the recent drop on markets. BTC and Ethereum both suffered a similar fate as they dropped nearly 2% over the past 24 hours.
DOT, however, planned on moving the opposite way. According to CoinMarketCapPolkadot has risen by over 5% within the past 24 hours. As of the writing of this article, Polkadot was trading for $6.85 and had a market capitalization exceeding $9.8 billion. This makes it the fourteenth most valuable crypto.
The blockchain activity increased as well, which was interesting. AMBCrypto’s analysis of Artemis shows that the network activity has increased. dataThe number of active DOT addresses has risen dramatically since April 28th.
The daily transaction volume of the Blockchain has also increased. Both fees and revenues have also increased, which is good news for the value captured.
Can Polkadot’s Bull Rally last?
AMBCrypto decided to take a closer examination of the token metrics in order to see if it would continue to be bullish.
According to our analysis, DOT has seen a decrease in the bearish sentiment surrounding it over the past few days. Social volume increased as a result, indicating its popularity within the crypto-space.
Polkadot’s derivatives metrics looked positive as well. Open interest increased in tandem with the price. When the indicator moves upward, it shows the likelihood of the current trend in price, which was bullish on this occasion, continuing.
DOT funding rates were also low. Prices move generally in the opposite direction of funding rates. Therefore, a price increase is likely in the next few days.
Few technical indicators looked also bullish. The MACD, for example, showed a crossover that was bullish.
Chaikin Money Flow also showed an increase, indicating a continuing price rise. Money Flow Index (MFI), however, turned negative as it fell slightly.
Click Here to Read Polkadot’s [DOT] Price Prediction 2024-25
As we analyzed the data from Hyblock Capital, it is crucial that DOT go beyond $6.9 if they want to continue their rally. The data suggested that liquidation was likely to increase at this level and could result in a possible price correction.
In the near future, DOT could be able to reach $7.50 if it is able break through that barrier.
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Source: ambcrypto.com