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Home»ALTCOIN NEWS»DOT drops 20% in 30 days: Is Polkadot’s low activity the reason?
ALTCOIN NEWS

DOT drops 20% in 30 days: Is Polkadot’s low activity the reason?

By Crypto FlexsJanuary 23, 20243 Mins Read
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DOT drops 20% in 30 days: Is Polkadot’s low activity the reason?
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  • The price of DOT has fallen by double digits in the past month.
  • This is due to low activity on Polkadot.

The value of Polkadot (DOT) has plummeted nearly 20% over the past month. CoinMarketCap.

An on-chain assessment of activity on the Proof-of-Stake (NPoS) blockchain network shows that demand has declined since the beginning of the year, leading to a double-digit decline in DOT value.

At press time, DOT was trading at $6.73, a price level last observed in September 2023.

Source: CoinMarketCap

Bears endanger DOT holders.

The price movement of DOT observed on the 24-hour chart showed a significant downward trend.

For example, the Directional Movement Index (DMI) showed a positive directional index (green) of 12.76, which was lower than the negative directional index (red) of 25.94.

When these lines are in these positions, the downtrend is considered stronger than the uptrend because the selling pressure has much higher momentum than the accumulation pressure.

DOT’s Average Directional Index (yellow), confirming the strength of the downtrend, was found in the rally at 26.19. If an asset’s ADX is above 25, it is a sign that the current market trend is strong.

Additionally, looking at DOT’s Moving Average Convergence Divergence (MACD), we see that the indicator has crossed below the trend line on December 31, 2023 and is positioned so.

This intersection is interpreted as a bearish crossover and a sell signal for traders. The price of DOT has fallen 20% since the beginning of the year as selling pressure has surged.

Source: TradingView

In the coin derivatives market, futures open interest has declined since the beginning of the year.

According to data from coin glassDOT closed the trading session on January 21 with $221 million in open interest, a 17% decrease from the $265 million recorded on January 1.

Interestingly, despite falling prices and open interest, DOT futures traders have continued to open leveraged positions to drive prices higher.

Since the start of the year, DOT has only seen positive funding rates across cryptocurrency exchanges, according to data from Coinglass.

But as altcoin prices fell further, long-term traders faced liquidations, hitting a yearly high of $8 million as of January 3.

Source: Coinglass

Low Demand for Polkadot

An on-chain assessment of Polkadot’s network activity shows a decline in user activity since its launch this year.


Read Polkadot (DOT) Price Prediction for 2023-24


As of January 21, the number of daily transactions was 14,100, the lowest since 2024.

Source: The Block

According to The Block’s, the number of new addresses created each day on the Polkadot network has decreased by 20% over the past 21 days. dashboard.

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