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- DOT is up more than 36% over the past seven days.
- Several market indicators hinted at a possible price correction.
2023 is approaching, Polkadot (DOT) The ecosystem remains active with several new developments taking place.
While blockchain-related developments are on the rise, DOT’s price action has also turned optimistic, recording double-digit growth.
Polkadot’s development activity remains high
AMBCrypto’s examination of data from Santiment shows that development activity around blockchain remains high even during the festive season.
This is evident from the DOT’s development activity graph, which remained high through December 25th.
Source: Santiment
Polkadot Insider, a popular
According to the tweet, DOT is ready to integrate with the game engines of Pokémon Go and Call of Duty Mobile through a collaboration between Parity Technologies and Unity of Games.
Additionally, Polkadot’s Parachain Crust network has established a strategic partnership with Algorand.
that much #polkadot and #Kusama The ecosystem is growing remarkably with good news every day 🗞️#PolkadotInsider We’re excited to bring you a recap of our highlight events. @Polkadot and @kusamanetwork Ecosystem in the last 72 hours 📰
Check it out👇🧵#dot #KSM pic.twitter.com/n1H25ksRx7
— Polkadot Insider (@PolkadotInsider) December 23, 2023
Polkadot bulls don’t stop!
Meanwhile, DOT price action was strong. According to CoinMarketCapDOT is up more than 35% over the past seven days.
In fact, in the last 24 hours alone, Polkadot’s value has surged more than 6%. At the time of writing, dot It has a market capitalization of over $11.8 billion and is trading at $9.36, making it the 11th largest cryptocurrency.
However, renowned cryptocurrency analyst Ali recently pointed out that there may be a sell signal. According to his tweet, the A metric displayed a sell signal on DOT’s weekly chart as it reached major resistance at the 100-EMA.
#polkadot | The TD Sequential indicator shows a sell signal on the weekly chart. $DOTIt’s like hitting major resistance at 100-EMA.
This could lead to a surge in profit-taking, potentially spurring drive. #dot Up to $7.50. pic.twitter.com/3emT3apHiR
— Ali (@ali_charts) December 24, 2023
So, to see if there was a selloff, AMBCrypto looked at data from Hyblock Capital.
According to our analysis, DOT has seen an increase in liquidations around $9.5. Due to increased liquidation, the token price failed to exceed $9.5, resulting in a slight price correction.
Source: Hiblock Capital
read Polkadot DOT price prediction 223-24
AMBCrypto then looked at Polkadot’s daily charts to see if a downward price trend was likely. dotThe MACD remained in favor with buyers, showing a bullish crossover.
However, the price has touched the upper Bollinger Band limit. Additionally, CMF (Chaikin Money Flow) showed a downward trend, suggesting a possible price decline.
Source: TradingView