Posted:
- DOT was up by greater than 36% in the final seven days.
- Just a few market indicators hinted at a potential worth correction.
The 12 months 2023 is coming to an finish, and the Polkadot [DOT] ecosystem stays energetic as a number of new developments have taken place.
Whereas the event across the blockchain elevated, DOT’s worth motion additionally turned bullish because it registered double-digit development.
Polkadot’s improvement exercise stays excessive
AMBCrypto’s examination of Santiment’s information revealed that improvement exercise across the blockchain remained excessive in the festive season.
This was evident from the DOT’s improvement exercise graph, which remained excessive till twenty fifth December.
Polkadot Insider, a preferred X (previously often known as Twitter) deal with, lately posted a tweet highlighting a couple of new developments that may have been the explanation behind DOT’s excessive improvement exercise.
As per the tweet, DOT is able to combine with the sport engine behind Pokémon Go and Name of Obligation Cellular via a collaboration between Parity Applied sciences and Unity of Video games.
Other than that, Polkadot’s Parachain Crust community has additionally solid a strategic partnership with Algorand.
The #Polkadot and #Kusama ecosystems are rising impressively with nice information each day 🗞️#PolkadotInsider is happy to carry you the recap of spotlight occasions in the @Polkadot and @kusamanetwork ecosystems in the final 72hrs 📰
Test it out 👇🧵#DOT #KSM pic.twitter.com/n1H25ksRx7
— Polkadot Insider (@PolkadotInsider) December 23, 2023
Polkadot bulls aren’t stopping!
Amidst this, DOT’s worth motion gained bullish momentum. In line with CoinMarketCap, DOT was up by greater than 35% in the final seven days.
Actually, in the final 24 hours alone, Polkadot’s worth surged by over 6%. On the time of writing, DOT was buying and selling at $9.36 with a market capitalization of over $11.8 billion, making it the eleventh largest crypto.
Nevertheless, Ali, a preferred crypto analyst, lately identified a potential promote sign. As per his tweet, A metric flagged a promote sign on DOT’s weekly chart because it hit a key resistance on the 100-EMA.
#Polkadot | The TD Sequential indicator flags a promote on the weekly chart for $DOT, simply because it hits a key resistance on the 100-EMA.
This might result in a spike in profit-taking, probably driving #DOT all the way down to $7.50. pic.twitter.com/3emT3apHiR
— Ali (@ali_charts) December 24, 2023
Subsequently, to see whether or not a sell-off occurred, AMBCrypto had a have a look at Hyblock Capital’s information.
As per our evaluation, DOT witnessed a hike in liquidation close to the $9.5 zone. Due to the hike in liquidation, the token’s worth did witness a slight worth correction because it did not go above $9.5.
Learn Polkadot’s DOT] Price Prediction 223-24
AMBCrypto then took a have a look at Polkadot’s every day chart to see whether or not a worth downtrend was seemingly. DOT’s MACD remained in the consumers’ favor because it displayed a bullish crossover.
Nevertheless, its worth touched the higher restrict of the Bollinger Bands. Moreover, its Chaikin Cash Circulate (CMF) registered a downtick, suggesting the potential for a worth downtrend.