- The variety of quick positions taken in opposition to DOT grew regardless of a surge in worth.
- Public sentiment fell materially as social quantity fell.
Polkadot’s [DOT] worth motion has seen inexperienced over the previous couple of weeks, in opposition to all odds. However regardless of this, many merchants have turned bearish on the altcoin.
Bears get hungry
Primarily based on AMBCrypto’s evaluation of Coinglass’ knowledge, the variety of quick positions taken in opposition to DOT had grown materially. The proportion of quick positions taken in opposition to DOT grew from 49% to 55% in the previous couple of days.
This meant that many merchants have been banking on the autumn in DOT’s worth on the time of writing.
Supply: Coinglass
Regardless of dealer habits, the value of DOT grew more and more prior to now few weeks. The value confirmed a number of increased highs and better lows, showcasing a bullish pattern.
At press time, DOT was buying and selling at $5.53, with its worth rising by 0.91% within the final 24 hours.
Nonetheless, Polkadot’s Social Quantity didn’t develop throughout that interval. This meant that DOT was failing to achieve reputation on the social entrance.
The community additionally noticed a decline in Weighted Sentiment. This meant that the general variety of adverse feedback for DOT had elevated in comparison with the optimistic ones.
This falling Weighted Sentiment might act as a fork within the street for Polkadot’s worth, going ahead.
Supply: Santiment
New updates
Nonetheless, latest collaborations being made by the Polkadot system might assist enhance public sentiment across the community and will relieve the waning metrics round DOT.
Learn Polkadot’s [DOT] Value Prediction 2023-24
As per a tweet by Polkadot Insider on the third of December, the blockchain will see the launch of Polimec quickly. Alongside this, amidst different developments, the ecosystem launched Parallel Finance as nicely.
Regardless, it stays to be seen whether or not these updates will probably be sufficient to curb the bearish sentiment round DOT and assist the token regain investor favor over the following few weeks.
The #Polkadot and #Kusama ecosystems are rising impressively with nice information each day 🗞️#PolkadotInsider is happy to deliver you the recap of spotlight occasions within the @Polkadot and @kusamanetwork ecosystems within the final 72hrs 📰
Test it out 👇🧵#DOT #KSM pic.twitter.com/hh34qtJaxQ
— Polkadot Insider (@PolkadotInsider) December 2, 2023
