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Polkadot’s (DOT) price may react to the positive change in investor sentiment despite negative market developments. Considering the altcoin is moving within a descending channel model, a breakout chance is high. Polkadot price may witness the impact of DOT holders changing their attitude towards the asset.
Notable Data for Polkadot
This development can be found in the Chaikin Money Flow (CMF), which entered the positive region after about a month. This change indicates a significant increase in buying pressure, showing renewed interest from investors in Polkadot.
The positive CMF highlights market sentiment indicating money is flowing into Polkadot. This flow is usually associated with increased demand and potential upward price movement, making it an important metric for investors to watch.
In addition to CMF, Polkadot’s funding rate is also slightly positive, signaling a balance between long and short contracts. This balance shows market sentiment is leaning towards optimism with a preference for long positions. The positive funding rate and CMF together indicate that long-term contracts currently dominate the market. This dominance could lead to sustainable bullish momentum for Polkadot, encouraging more investors to take long positions.
DOT Chart Analysis
Polkadot price is currently moving within a descending channel and attempts a breakout every few days. The descending channel is characterized by a series of lower highs and lower lows, indicating a downward trend where prices move between parallel lines.
According to the model, a breakout could increase the altcoin price by 6%, pushing it above $6.3. The market supports this outcome, and if DOT manages to capitalize on it, further growth will be possible. However, if the breakout fails, Polkadot price could remain stuck in this pattern. A drop below $5.7 could send DOT to $5.2 or $5.0, invalidating the bullish thesis.
