- Positive sentiment around DOT increased along with the price last month.
- DOT fell 5% and the market indicators looked bearish.
If we are to ignore the recent market crash, several cryptos have shown commendable performance including Dot [DOT] And Internet computer [ICP].
In fact, the latest data showed that both tokens managed to boost their values from their minimum to three figures. However, DOT must increase its price even further to catch up with ICP’s performance.
Polkadot and Internet Computer put on a bull show!
Over the past thirty days, ICP bulls have been handing out profits to investors as the price rose.
According to CoinMarketCapthe ICP has increased by more than 145% in the last 30 days. At the time of writing, ICP was trading at $12.95 with a market cap of over $5.8 billion.
Although Polkadot’s price rose, its growth was not as great as ICP’s. DOT’s value has risen almost 25% in the past month.
Tony, a popular crypto analyst, recently posted a tweet highlighting the performance of Polkadot and Internet Computer.
According to the tweet, ICP and DOT prices rose 400% and 150% respectively from their minimums, which looked bullish for the tokens.
#Dot #POINT And #ICP I’ve noticed for a while that they’re on the same page, $ICP has increased from the minimum of 400% and $POINT 150%, so now it has to be settled $ICP and so now $POINT must be increased by 250% pic.twitter.com/VcxVD2gLh0
— Tony ₿itcoin⚡ (@Toni_Bitcoin) January 4, 2024
Since both token prices rose last month, AMBCrypto took a look at their social metrics.
Our analysis showed that while POINTThe value of the token skyrocketed and the weighted sentiment also increased, meaning that bullish sentiment around the token was high.
However, that was not the case at ICP, as weighted sentiment remained negative most of the time last month.
Source: Santiment
Polkadot also grow by 400%?
While both tokens showed triple-digit growth since their minimums, DOT still needs to increase the price by 250% to get on par with ICP.
That’s why AMBCrypto took a closer look at DOT’s state to see if that outcome is possible in the near future. In the last 24 hours alone, Polkadot fell more than 5%, thanks to bearish market conditions.
At the time of writing this was the case trade at $7.30 with a market cap of over $9.5 billion.
Our look at POINT‘s daily chart showed the MACD turning bearish. Moreover, the Relative Strength Index (RSI) also registered a downward trend, increasing the likelihood of a continued downtrend.
Source: TradingView
Read Polka dots [DOT] Price prediction 2023-24
Nevertheless, Polkadot’s derivatives market metrics seemed optimistic. For example, as the price of the token fell, the open interest also plummeted.
A decline in the measure usually indicates a trend reversal. The Binance funding rate also dropped, meaning derivatives investors did not buy DOT at the lower price.
Source: Santiment