With only days left until 2024, many new developments are taking place while the Polkadot (DOT) ecosystem continues to evolve. As development around Blockchain increases, DOT’s price movement has also entered an uptrend with double-digit growth.
Santiment’s DOT Report
According to data from Santiment, development activities around the blockchain are also at a very high level. This can be seen from the graph of DOT’s development activity, which remained high until December 25. A popular cryptocurrency analyst, known as Polkadot Insider, recently tweeted highlighting a few new developments that could be behind DOT’s high development activity.
According to the tweet, DOT is ready for integration with the game engine behind Pokémon Go and Call of Duty Mobile through a collaboration between Parity Technologies and Unity of Games. In addition, Polkadot’s Parachain Crust network has also formed a strategic partnership with Algorand. Amidst this, DOT’s price movement has gained upward momentum. According to CoinMarketCap, DOT has increased by more than 35% in the last seven days.
Expert Opinion on DOT
In fact, just in the last 24 hours, Polkadot’s value has increased by over 6%. At the time of writing, DOT was trading at $9.36 with a market value of over $11.8 billion, making it the 11th largest cryptocurrency. However, a popular crypto analyst, Ali Martinez, recently pointed out a potential sell signal. A sell signal was indicated on DOT’s weekly chart when it reached significant resistance at the 100-EMA. Therefore, data from Hyblock Capital was examined to see if a sell-off had occurred.
According to the analysis, DOT witnessed an increase in liquidations near the $9.5 region. Due to the increase in liquidations, the token’s price could not surpass $9.5, resulting in a slight price correction. The daily chart of Polkadot was then examined to see if there was a downward trend in the price. DOT’s MACD showed an upward trend, favoring buyers. However, the price reached the upper limit of the Bollinger bands. Additionally, the Chaikin Money Flow (CMF) also recorded a decline, bringing the possibility of a downward price trend to mind.
