- The sentiment of the market towards DOT remained positive.
- If a correction in price occurs, DOT could plummet as low as $9.
Polkadot [DOT] It was a good week for the stock as it’s value grew by over 13% during the past seven days.
The price of DOT at the moment of this writing was $10.95, with a total market cap of more than $14 billion. It is the 13th most valuable crypto. CoinMarketCap.
According to the most recent data, DOT could show better performances in the coming week, with the possibility of reaching $20.
Polkadot putting up a performance?
DOT’s Social Volume rose during this period, indicating its growing popularity in the cryptocurrency space. However, despite that the 24-hour trading volume of DOT tokens dropped.
Santiment
World of Charts published a post on 12th March. tweet highlighting an interesting development around DOT. The analyst said that the price of tokens could fall to as low as $9 before they begin a rise.
If DOT bounces back from $9 then it is likely to reach $20.
AMBCrypto then decided to see if the odds of DOT falling to $9 was high. According to our analysis of Hyblock’s data, Polkadot has experienced a high level of liquidation over the past few days.
To be exact, DOT liquidation has increased from $10.8 up to $10.9
The sluggish 24 hour performance of DOT was likely due to the fact that its value moved only marginally. This increase could soon lead to a small price correction.
Source: Hyblock Capital
What should you expect of DOT
AMBCrypto’s analyses of Santiment data showed that DOT demand on the derivatives markets dropped.
The fact that Binance’s Funding Rate plummeted indicated that investors in derivatives were not purchasing Polkadot for its current high price. This suggested a possible price correction.
Its one-day price volatility fell, and this indicated the end of DOT’s bull market.
Santiment
AMBCrypto analyzed DOT’s daily chart in order to determine if the price of DOT could reach $9 prior to launching another rally. Polkadot’s price reached the Bollinger Band upper limit.
Relative Strength Index also recorded a downward trend, indicating a high probability of a fall in price.
If the price falls, it’ll be interesting to observe if DOT is able to bounce back from the zone of support to reach the $20 mark.
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Click Here to Read Polkadot’s [DOT] Price Prediction 2024-245
Polkadot, meanwhile, saw its network activity increase last week. Artemis data analysis revealed that DOT Daily Active Addresses increased in the past seven days.
Daily Transactions on the Blockchain have moved up north.
Source: Artemis
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: ambcrypto.com
