Short-term DOT investors should read this before selling their holdings

DOT’s price continued on its month-long decline spreefunding rates. This indicated that several short positions have been opened, per data from Santiment.According to the on-chain analytics platform, DOT was pegged at -0.000213 at press time. It is important to note that increased short positions often lead to a rise in the value of an asset. This led to most short traders in a severely liquidated position., liquidations in the cryptocurrency market in the last 24 hours totaled $18.

A closer look at the alt’s performance revealed that DOT’s distribution climbed gradually since FTX’s collapse. Since then, DOT’s price has fallen by 26%. Increased DOT distribution put sellers in control of the market as of this writing. The position of DOT’s Directional Movement Index confirmed this.Likewise, key momentum indicators were southbound at press time, indicating that buying pressure fell further. DOT’s Relative Strength Index rested below the 50-neutral spot in a downtrend at 42.34. Similarly, its Money Flow Index was pegged at 48.38 at press time, also in a downtrend.

As DOT’s price fell, a reading of its On-Balance-Volume showed a similar decline. Usually, when the price of a cryptocurrency asset and its OBV are making lower peaks and lower troughs, the price decline is likely to continue. As of this writing, DOT’s OBV was -74.703 million.Polkadot’s development activity continued to climb, placing it above Solana and Cardano in terms of sub-ecosystems, repos, and weekly commits by developers.

Coin Coin Latest News, Coin Coin Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Polkadot [DOT] out-competes Solana and Cardano in these metricsPolkadot out-competed major cryptocurrencies in terms of ecosystem and development activity. However, DOT flew under the radar as social mentions and engagements declined. A tweet on 8 December revealed that Polkadot out-competed other networks in terms of ecosystem expansion and development activity. This growth, however, did not translate to the social front as engagements and sentiment […]
Source: CryptoAmb - 🏆 22. / 68 Read more »

Short-term AXS holders can lock profits at this supply zoneDisclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion AXS was seen to be in a bullish market structure Investors can sell if it hits the supply zone around $9.0 Axie Infinity [AXS], one of the leading play-to-earn (P2E) games, announced a recent […]
Source: CryptoAmb - 🏆 22. / 68 Read more »

DOGE traders can use $0.09508, $0.08995, $0.07998 as short-selling targets if…DOGE was in a neutral market structure but bears had slight leverage. It could break below $0.09508. A break above the current resistance at $0.10728 will invalidate this prediction. Dogecoin’s (DOGE) market structure has weakened since 1 December. At press time, the memecoin was trading at $0.09846 and warming up to retest the support level […]
Source: CryptoAmb - 🏆 22. / 68 Read more »