DOT investors can expect a continued rally only if this metric upholds its position

1 year ago 138
  • DOT’s stochastic was overbought astatine the clip of writing.
  • However, metrics and different indicators looked bullish. 

On 7 January, Polkadot [DOT] tweeted astir its achievements for the week. The blockchain web celebrated its champion show by terms successful the past 7 days with a 7.2% growth, a feat that surpassed galore ample chains.

Cosmos [ATOM] and Fantom [FTM] nabbed the 2nd and 3rd spots connected the list, respectively. 

Among the apical blockchains, #Polkadot had the champion show by terms successful the past 7 days with 7.2% growth, surpassing galore ample chains 👀

Let's observe and look astatine the graphic beneath for details 🔥#DOT $DOT #ATOM #FTM #BNB #AVAX #ETH #XLM

— Polkadot Insider (@PolkadotInsider) January 7, 2023

Polkadot’s maturation was besides wide considering CoinMarketCap’s data, arsenic the token’s terms accrued by 8% successful the past week. At property time, it was trading astatine $4.68, with a marketplace capitalization of implicit $5.3 billion.

However, the array mightiness crook soon arsenic CryptoQuant’s data revealed that DOT’s stochastic was successful an overbought position, suggesting a inclination reversal soon. 

Read Polkadot’s [DOT] Price Prediction 2023-24

What’s moving successful DOT’s favor?

Apart from the terms action, DOT besides passed a caller connection named Referendum 91. The proposal’s main intent was to assistance the limits imposed connected the information pools, which inhibited the fig of information pools to 64 successful Polkadot. This volition assistance forestall immoderate imaginable risks with the launch. 

A look astatine Santiment’s illustration revealed that the metrics were besides moving in DOT’s favor, arsenic they suggested a continued uptrend successful the coming days.

For instance, DOT’s Binance backing complaint remained comparatively high, indicating precocious request successful the derivatives market. To nary surprise, DOT’s improvement enactment besides increased, which was a affirmative awesome for a blockchain.

DOT’s affirmative sentiments besides remained high, which is simply a awesome of the community’s spot successful Polkadot. The token besides made it to the list of the astir searched tokens during the aboriginal days of 2023 connected LBank.

Source: Santiment

How galore DOTs tin you get for $1?

Polkadot bulls are present to enactment longer

Surprisingly, not lone the metrics, but the marketplace indicators besides looked beauteous bullish for Polkadot. The Relative Strength Index (RSI) registered an uptick and was adjacent the neutral mark. The Chaikin Money Flow (CMF) besides witnessed a surge, expanding the chances of a continued terms surge.

DOT’s Moving Average Convergence Divergence (MACD) displayed a bullish crossover, suggesting a buyer’s vantage successful the market. Nonetheless, the Exponential Moving Average (EMA) Ribbon indicated that the bears inactive had the precocious manus arsenic the 20-day EMA was resting beneath the 55-day EMA.

Source: TradingView

Ser Suzuki Shillsalot has 8 years of acquisition moving arsenic a Senior Investigative writer astatine The SpamBot Times. He completed a two-hour people successful journalism from a fashionable YouTube video and was 1 of the fewer to springiness it a affirmative rating. Shillsalot's writings chiefly absorption connected shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is simply a flimsy anticipation the illustration pic is AI-generated. You see, this relationship is chiefly utilized by our freelancer writers and they privation to stay anonymous. Wait, are they Satoshi? :/

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