Editors
Posted:
- DOT price action showed some recovery, but RSI and MFI were oversold at the time of writing.
- DOT’s weighted sentiment showed a significant recovery, indicating a positive trading outlook.
The last 30 days have not been easy for most cryptocurrencies on the market, Polkadot [DOT] be one of them. However, the scenario might soon undergo a change as Santiment’s latest tweet on X (formerly known as Twitter) favored the Polkadot network.
Realistic or not, here is DOT’s market cap in BTC terms
According to Santiment, the Polkadot network entered the list of top 10 crypto assets as measured by development activity over the past 30 days.
Top 10 #crypto assets per development activity: notable #github commits, last 30 days:
T1 @Dot $POINT
T1 @kusamanetwork $KSM
3 @Cardano $ADA
4 @chain link $LINK
5 @hedera $HBAR
6 @vegaprotocol $VEGA
7 @ethstatus $SNT
8 @cosmos $ATOM
9 @dfinity $ICP
10 @Filecoin $FIL pic.twitter.com/PpdVDgafw1— Santiment (@santimentfeed) September 13, 2023
The fact that Polkadot topped the list indicated that Polkadot developers were making significant contributions to the network’s growth. While this would certainly raise the minds of several restless DOT investors, was this enough to also trigger a change in the altcoin’s price?
Everything is good when the price shows an upward trend…
According to data from CoinMarketCap, DOT’s price didn’t exactly scream bullish. Although DOT is up 0.11% in the last hour and 0.29% in the last 24 hours, the seven-day price was 5% lower. DOT was exchanging hands for $3,987 at the time of writing.
Exactly a month ago, DOT exchanged hands at $4,988, and for the past 30 days, DOT has remained on the bearish side of the market.
Source: TradingView
Although some recovery was visible on the price front, the indicators still maintained their bearish momentum. At the time of writing, DOT’s Moving Average Convergence Divergence (MACD) remained below the zero line. And if that wasn’t all, the MACD still showed a bearish crossover.
Furthermore, a look at DOT’s Relative Strength Index (RSI) in the oversold region was enough to show that DOT was the victim of intense selling pressure. However, this also meant that a trend reversal was coming soon. Moreover, the Money Flow Index (MFI) remained in oversold territory, increasing the chances of a rise in the coming days.
Slow and steady, but for how long?
On-chain intelligence platform Santiment indicated that at the time of writing, DOT volume was nowhere near its July peak. However, some recovery was noticeable in recent days, but it was not impressive enough. Moreover, DOT’s Binance funding rate also did not paint a positive picture, given the reinforcing red bars.
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However, an improvement in weighted sentiment indicated that traders and holders showed positive sentiment towards DOT.
Source: Santiment
Despite DOT’s unconvincing performance on the price front, the network remained in the news. on September 12, the network announced its partnership with ZodiaCustody and Party Technologies.
The partnership was intended to help financial institutions deploy DOT. This allows them to participate in a process that provides security and decentralization in the Polkadot network and provides custodial services for the ecosystem.
1/
A new long-term strategic partnership between @ZodiaCustody And @paritytech will enable institutional access – including staking – to the Polkadot ecosystem! pic.twitter.com/BO8hocrI73
— Polkadot @Token2049 (@Polkadot) September 13, 2023
