- Positive sentiment toward DOT has surged along with its price over the past month.
- DOT fell 5% and market indicators were bearish for the token.
Ignoring the recent market crash, several cryptocurrencies have shown commendable performance, including: Polkadot (DOT) and Internet Computer (ICP).
In fact, the latest data shows that both tokens have seen their values rise by triple digits from their lows. However, DOT will need to increase prices further to keep up with ICP’s performance.
Polkadot and Internet Computer put on a bull show!
The ICP uptrend over the past 30 days has benefited investors as prices have risen.
According to CoinMarketCap, ICP is up more than 145% in the last 30 days. At the time of this writing, ICP was trading at $12.95, with a market capitalization of over $5.8 billion.
Polkadot’s price rose, but the growth rate was not as large as ICP’s. The value of DOT has surged nearly 25% over the past month.
In fact, Tony, a well-known cryptocurrency analyst, recently posted a tweet highlighting the performance of Polkadot and Internet Computer.
According to the tweet, ICP The price of DOT surged 400% and 150% respectively from the lowest price, showing optimism about the token.
#polkadot #dot and #ICP I have observed for some time that they are equal. $ICP increased by at least 400%; $DOT It’s 150%, so now we need to equalize it. $ICP so now $DOT It should go up 250% pic.twitter.com/VcxVD2gLh0
— Tony ₿itcoin⚡ (@Toni_Bitcoin) January 4, 2024
Since both token prices have increased in the past month, AMBCrypto has taken a look at social metrics.
According to our analysis dotThe value of has soared and the weight sentiment has also increased. This means that bullish sentiment towards the token was high.
However, this was not the case with ICP. That’s because ICP’s aggravated sentiment remained on the negative side for most of last month.
Source: Santiment
Will Polkadot also grow 400%?
Both tokens have recorded triple-digit growth since their lows, but DOT still needs to increase its price by another 250% to be on par with ICP.
Therefore, AMBCrypto closely examined the status of DOT to see if that outcome is possible in the near future. In the last 24 hours alone, Polkadot fell more than 5% due to bearish market conditions.
That was the case at the time of writing. transaction It has a market capitalization of $7.30 and a market capitalization of over $9.5 billion.
who we are dotThe daily chart shows that the MACD has turned bearish. Additionally, the Relative Strength Index (RSI) also recorded a downward trend, raising the possibility of a continued decline.
Source: TradingView
read Polkadot (DOT) price prediction 2023-24
Nonetheless, Polkadot’s derivatives market indicators looked optimistic. For example, while token prices fell, open interest also plummeted.
A decline in an indicator usually signals a trend reversal. Binance funding rates have also fallen, meaning derivatives investors are not buying DOT at lower prices.
Source: Santiment