Journalist
Posted:
- DOT was up by practically 5% within the final 24 hours, together with an increase in quantity.
- Social metrics remained excessive, however just a few indicators turned bearish.
Polakdot [DOT] not too long ago witnessed a serious hike in its income, which meant that the blockchain’s utilization elevated. Curiously, Avalanche [AVAX] additionally registered the same improve not way back, after which the token’s value skyrocketed. Will DOT observe the same pattern?
Polkadot’s captured worth is rising
Polkadot Insider posted a tweet on twentieth December highlighting the truth that Polkadot ranked second on the checklist of blockchains with highest income charge within the final seven days.
Kusama [KSM], Polygon [MATIC], and Solana [SOL] additionally made it to the highest 5.
Whereas DOT sat within the second spot, AVAX took the highest place on the checklist. A hike in income additionally implies that there will need to have been an increase in community’s charges.
AMBCrypto reported beforehand that AVAX witnessed a surge in its generated charges, as the worth touched $3.5 million. Quickly after that, AVAX grew to become one of many solely high cash that registered double-digit positive factors as its value rallied by over 30% on the time.
Subsequently, AMBCrypto checked Polkadot’s standing to see whether or not it was additionally following the same pattern. Our evaluation of Token Terminal’s information revealed that DOT’s income and charges spiked sharply on sixteenth December.
Supply: Token Terminal
DOT’s value is rising
Like AVAX, DOT’s worth additionally registered an uptick. In line with CoinMarketCap, DOT was up by greater than 5% within the final 24 hours alone. On the time of writing, Polkadot was buying and selling at $7.16 with a market capitalization of over $9.3 billion.
The token’s buying and selling quantity additionally surged together with its worth, which was bullish.
Sentiment across the token remained broadly optimistic as its weighted sentiment spiked just a few instances final week. DOT’s social quantity additionally remained excessive.
Moreover, DOT remained in demand within the derivatives market, as evident from its inexperienced Binance funding charge.
Supply: Santiment
To know whether or not DOT will have the ability to maintain this value uptick, AMBCrypto checked the token’s each day chart. As per our evaluation, DOT’s MACD displayed a bearish crossover, regardless of the worth uptrend.
Learn Polkadot’s [DOT] Value Prediction 2023-24
Its Cash Circulation Index (MFI) went down from the overbought zone and was headed in direction of the impartial mark, growing the probabilities of a value downtick within the days to observe.
Nonetheless, Polkadot’s Chaikin Cash Circulation (CMF) rested nicely above the impartial mark, suggesting that the northbound value motion may proceed additional.
Supply: TradingView
