Polkadot: Should DOT investors expect a rally in the face of a dead cat bounce

1 month ago 40
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The full crypto marketplace is trying to retrieve from the caller crash. However, successful the lawsuit of the Polkadot token, aft breaking retired of a symmetrical triangle signifier connected 17 May and trading supra the $10 level, the bears appeared to person spotted the coin.

How so?

After signaling a precocious of $11.29 during intraday trading connected 17 May, the bears forced a retracement. This made the DOT token shed 7.24% successful nether 24 hours, pegging the terms per DOT token astatine $10.36 astatine the clip of press. 

Source: CoinMarketCap

Similarly, the marketplace capitalization of the coin experienced immoderate plunging. Recording a precocious of $11.2b during intraday trading connected 17 May, this has since retraced and stood astatine $10.23b astatine the clip of press. 

Source: CoinMarketCap

Following an accrued bearish bias, trading measurement has since dropped and stood astatine $802,571,063. This represented a 4.235 diminution successful the past 24 hours.

No spot to tally to

On-Chain investigation of DOT’s show successful the past 24 hours revealed that each mightiness not beryllium good with this token.

From a societal angle, the token appeared not to person enjoyed overmuch societal rep successful the past mates of days. Despite the announcement of its upcoming Polkadot Decoded Event, the societal metrics person taken connected a downtrend implicit the past fewer days. 152 astatine the clip of press, the societal measurement aft signaling a precocious of 887 9 days agone declined by 82%. 

Similarly, the societal dominance, attempting to grounds a spike pursuing the intraday precocious of 17 May, was forced downwards and stood astatine 0.479% astatine the clip of press. 

Source: Santiment

On a developmental front, on-chain information showed nary meaningful maturation implicit the past fewer weeks. May has been marked by a dependable diminution successful the scale for improvement enactment for the DOT token. This stood astatine 352 taking connected a downward progression astatine the clip of writing. 

Source: Santiment

Interestingly, earlier you suffer each anticipation arsenic an investor, you should enactment that a MACD bullish crossover was observed astatine the clip of press. Marking their positions beneath the histogram bars, the MACD enactment intersected the inclination enactment successful an upward absorption indicating a semipermanent bullish outlook.

Source: TradingView

Abiodun is simply a full-time writer moving with AMBCrypto. He is besides a lawyer with implicit 2 years of experience. With a keen involvement successful blockchain exertion and its limitless possibilities, Abiodun spends his clip knowing the technology, gathering projects, and educating radical astir it.

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