- Despite some integrations, Polkadot development activity declined.
- DOT’s long/short ratio rose, indicating a bullish takeover.
Dot [DOT] had a tough week as bears remained clearly dominant in the market. Meanwhile, Polkadot Insider, a popular X-handle that provides updates related to the blockchain ecosystem, posted tweet revealing a few notable developments regarding the DOT ecosystem.
Polkadot’s weekly performance
CoinMarketCaps facts revealed that Polkadot’s price fell 8% over the past seven days. At the time of writing, DOT was trading at $5.81 with a market cap of over $8.3 billion, making it the 15th largest crypto.
This negative price action also impacted weighted sentiment, which fell. A decline in the metric suggests that bearish sentiment surrounding the token was dominant in the market.
Nevertheless, social volume remained high, reflecting its popularity in the crypto space.
Source: Santiment
As the price of the token dropped, several new integrations took place.
According to the tweet from Polkadot Insiders, Band Protocol has been integrated onto Astar Network’s ink over the past 72 hours. The blockchain also released its Polkadot decoded 2024 summary – future version.
However, it was surprising to note that despite these integrations, DOT development activity declined last week. A similar downward trend was also noted in terms of the number of contributors to DOT development activities.
Source: Santiment
What can you expect from DOT now?
AMBCrypto next planned to look at Polkadot’s daily chart of on-chain data to find out if the bearish price trend would continue in the coming days.
According to our analysis of Coinglass’ factsDOT’s long/short ratio recorded a sharp increase. A rise in the measure means that there are more long positions in the market than short positions, which can be considered a bullish signal.
Source: Coinglass
However, the token’s open interest remained somewhat stable as its price declined, indicating that it could take a little longer for DOT to change the ongoing market trend. The technical indicator MACD showed a bearish crossover.
Moreover, the Relative Strength Index (RSI) remained below the neutral line, further indicating that there is a chance of a few slow days.
Nevertheless, Polkadot’s price had reached the lower bound of the Bollinger Bands, which often results in price increases.
Source: TradingView
Read Dot [DOT] Price prediction 2024-2025
AMBCrypto’s look at Hyblock Capital’s data revealed that if the bulls manage to take over the market, investors could see a token touch of $6 in the days that would follow.
But if the bearish trend continues, the DOT could drop to the $5.6-$5.5 range.
Source: Hyblock Capital