- Optimistic sentiment round DOT surged together with its worth final month.
- DOT was down by 5%, and market indicators seemed bearish on the token.
If the current market crash is to be ignored, a number of cryptos have been displaying commendable performances, together with Polkadot [DOT] and Web Pc [ICP].
In truth, the most recent information revealed that each tokens managed to elevate their values to triple digits from their minimal. Nevertheless, DOT must push its worth additional up with the intention to meet up with ICP’s achievement.
Polkadot and Web Pc displayed a bull present!
During the last thirty days, ICP bulls showered income on buyers as its worth rallied.
In keeping with CoinMarketCap, ICP was up by greater than 145% within the final 30 days. On the time of writing, ICP was buying and selling at $12.95 with a market capitalization of over $5.8 billion.
Although Polkadot’s worth elevated, the diploma of development was not as nice as that of ICP. DOT’s worth surged by almost 25% during the last month.
In truth, Tony, a well-liked crypto analyst, not too long ago posted a tweet highlighting Polkadot and Web Pc’s achievements.
As per the tweet, ICP and DOT’s costs surged by 400% and 150%, respectively, from their minimal, which seemed optimistic for the tokens.
#Polkadot #DOT and #ICP I’ve been observing for a while that they’re on a par, $ICP has gone up from its minimal 400% and $DOT 150% so now it needs to be equalized with $ICP and so now $DOT has to go up 250% pic.twitter.com/VcxVD2gLh0
— Tony ₿itcoin⚡ (@Toni_Bitcoin) January 4, 2024
Since each token costs elevated final month, AMBCrypto took a have a look at their social metrics.
Our evaluation discovered that whereas DOT’s worth shot up, its weighted sentiment additionally elevated, that means that bullish sentiment across the token was excessive.
Nevertheless, that was not the case with ICP, as its weighted sentiment remained on the unfavorable facet the vast majority of the time final month.
Supply: Santiment
Polkadot to additionally develop by 400%?
Although each tokens registered triple-digit development since their minimal, DOT nonetheless must pump its worth by one other 250% with the intention to be on par with ICP.
Due to this fact, AMBCrypto had a better have a look at DOT’s state to see whether or not that consequence is feasible within the close to future. Within the final 24 hours alone, Polkadot was down by greater than 5%, because of the bearish market situation.
On the time of writing, it was trading at $7.30 with a market cap of over $9.5 billion.
Our have a look at DOT’s each day chart revealed that its MACD turned bearish. Moreover, its Relative Power Index (RSI) additionally registered a downtick, growing the probabilities of a continued downtrend.
Supply: TradingView
Learn Polkadot’s [DOT] Worth Prediction 2023-24
Nonetheless, Polkadot’s derivatives market metrics seemed bullish. For instance, whereas the token’s worth dropped, its open curiosity additionally plummeted.
A drop within the metric often suggests a development reversal. Its Binance funding charge additionally declined, that means that derivatives buyers weren’t shopping for DOT at its lower cost.
Supply: Santiment