Polkadot Posts Highest Development Activity In Last 7 Days – A Boost For DOT Price?

Share This Post

Polkadot (DOT) is experiencing a sharp price correction for the past days, painting its charts in red as it continues to struggle to find a solid footing and start climbing once again.

At press time, tracking from Coingecko shows the crypto is trading at $6.11, going down by 1% over the last seven days, 5.1% for the past two weeks and by 4.6% over the last month.

Furthermore, forecast from cryptocurrency data provider Coincodex points at a massive decline for Polkadot.

While the altcoin in seen to slightly increase its value over the next five days to $6.18, it is bound to fall down all the way to $4.02 30 days from now.

There are 24 technical analysis indicators that are sending bearish signals for the digital asset that is also under tremendous pressure from its extremely high supply inflation.

Polkadot Outperforms Ethereum And Solana

Even with its extended bearish momentum, DOT managed to surpass Ethereum and Solana – two of cryptocurrencies in top 10 in terms of market capitalization – in terms of blockchain activity numbers.

According to data shared by Polkadot Insider, over the last seven days, the asset’s network was able to tally activity index of 3124.14.

ETH only managed to register 78.79 and was actually outranked by NEAR which came second to DOT with its 90.86 tally.

SOL on the other hand ranked 4th with 67.21 while Bitcoin, the largest cryptocurrency in terms of market capitalization, came in at 7th place with its 36.64 activity index.

Polkadot’s performance in this department was so good that even the combined total of the other 9 assets on the list won’t be enough to surpass the 11th ranked crypto in terms of market cap.

Analysts Recommend Buying Polkadot

As the altcoin remains on a downtrend, its bearish sentiments won’t let up and analysts are thinking this might present an opportunity for accumulation.

Sharing his “long-term plans” with his 415,700 followers, CryptoGodJohn re-echoed the prediction of Coincodex, saying Polkadot will likely decline to $4.

If that happens, according to the analyst, buyers must take advantage and accumulate as much DOT as they can.

The plan is to hold until the time comes when they can sell the altcoin for more the $50. That, however, could take a while as indicators suggest DOT will hit that level by 2024.

But, given the volatility of crypto space, a sudden price surge is still possible. Therefore, investors must always pay close attention to Polkadot.

DOT market cap at $6.9 billion on the daily chart | Featured image from Money24H, Chart: TradingView.com

Disclaimer: The analysis represents the author’s personal views and should not be construed as investment advice.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Solana Analyst Expects A Retrace Before It Breaks ATH – Targets Revealed

Solana (SOL) is trading just 6% below its all-time highs, fueled by a remarkable 16% surge from the $212 demand level The rally has caught the attention of traders and investors alike, as SOL’s

Shiba Inu Faces On-Chain Challenges: Can SHIB Price Avoid Declining Whale Interest and Volatility?

The post Shiba Inu Faces On-Chain Challenges: Can SHIB Price Avoid Declining Whale Interest and Volatility appeared first on Coinpedia Fintech News Following an impressive weekly surge in the meme

Pepe Unchained Presale Steams Past $37M – Here’s Why Experts are Predicting Huge Gains

The post Pepe Unchained Presale Steams Past $37M – Here’s Why Experts are Predicting Huge Gains appeared first on Coinpedia Fintech News The Pepe Unchained ($PEPU) presale is one of the most

Crypto All-Stars Presale Raises $4 Million, Expert Says it Can Become the Next Top Meme Coin

The post Crypto All-Stars Presale Raises $4 Million, Expert Says it Can Become the Next Top Meme Coin appeared first on Coinpedia Fintech News Q4 promised to be a lucrative period for crypto prices,

Betting on Armageddon? Polymarket Users Wager on Nuclear Detonation in 2024

Following US President Joe Biden’s approval for Kyiv to fire long-range missiles into Russian territory, Ukraine reportedly targeted a Russian weapons depot As chatter about World War III floods

dYdX Launches Game-Changing Unlimited Upgrade

The post dYdX Launches Game-Changing Unlimited Upgrade appeared first on Coinpedia Fintech News As per reports, popular decentralized exchange dYdX’s ambitious upgrade — dubbed ‘dYdX