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Are Polkadot traders standing on thin ice given DOT’s ongoing price action

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Polkadot nabbed the first spot on the list of cryptocurrencies in terms of monthly revenue However, the metrics and indicators suggested that the investors might have to strive more for profits Polkadot [DOT] stood bright in the spotlight once again, however, this time not for its development activity but for its revenue performance. As per […]

For instance, DOT’s positive sentiment declined sharply, after registering a spike. This indicated the investors’ dwindling confidence in the token.further revealed that DOT’s volatility also went up considerably over the last week, further increasing the chances of a continued downtrend.However, the good news was that despite the sharp decline in DOT’s Binance funding rate, the graph registered an uptick. This suggested higher interest from the derivatives market.

’s funding rate took a blow and went down substantially, which indicated the opening of several short positions.Apart from the funding rate, another positive update was that DOT’s development activity gained northward momentum and increased over the week.’s daily chart yet again favored the sellers, as most market indicators suggested a further price drop. The Exponential Moving Average Ribbon revealed that the 20-day EMA was resting below the 55-day EMA, indicating a bearish edge.

Moreover, both the Relative Strength Index and Chaikin Money Flow registered downticks, further decreasing the chances of a northbound breakout.Subscribe to get it daily in your inbox.

 

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