- DOT’s social metrics weekly recap highlighted the ache factors of the Polkadot community.
- The RSI stood near the oversold area and the MFI was within the oversold area, highlighting the bearish affect.
Every week into the ultimate quarter of 2023, the cryptocurrency market seemed grief-stricken because the bears made their place clear. And Polkadot [DOT] was no completely different. As reported by AMBCrypto on 8 October, the community’s improvement in Q3 was fairly spectacular. Nevertheless, the worth of DOT shared a special sentiment than the community.
This stayed true even on the time of writing as DOT was exchanging arms at $3.81. The altcoin was buying and selling 8.63% decrease within the final seven days 5.36% decrease over the past 24 hours as per information from CoinMarketCap.
Is your portfolio inexperienced? Test the DOT Revenue Calculator
Whereas the worth was a ache level for the community, Polkadot Insider shared a weekly recap of Polkadot’s social metrics. In tandem with the worth trajectory, DOT’s social entrance additionally painted a regarding image.
The recap said that bearish sentiment round DOT rose to face at 127.3%, whereas bullish sentiment witnessed a drop of three.9%. Moreover, social mentions took successful and plummeted by 2.8%.
POLKADOT SOCIAL METRICS WEEKLY RECAP
Dive into the social buzz round @Polkadot
Over 7D, #Polkadot has been making waves throughout social media platforms.
The group is buzzing with much less attraction from discussions, mentions, and engagements. Nevertheless, the variety of… pic.twitter.com/rF53OZW27D
— Polkadot Insider (@PolkadotInsider) October 9, 2023
Is restoration a closer-than-expected sight?
Merchants anticipating some change in DOT’s value motion could also be disenchanted and for good purpose. As DOT was buying and selling 4.14% decrease than its opening value on 9 October, DOT’s indicators additionally favored the bears. Though the Shifting Common Convergence Divergence (MACD) confirmed that the MACD line was above the sign line, a development reversal was seen within the making.
Moreover, the Relative Energy Index (RSI) and the Cash Circulation Index (MFI) moved towards the oversold area. Whereas the RSI was near the oversold area at 33.64, the MFI had already made its method into the oversold area and stood at 17.17.
This was a transparent indication that the bears have been in management, nevertheless it additionally was a sign {that a} development reversal could happen. Nevertheless, merchants could have to remain affected person for a wholesome development reversal to happen.
Supply: TradingView
How the mighty have fallen!
Whereas DOT’s value motion was sufficient to disappoint merchants, there was extra so as to add to the bearish issues. Information from the intelligence platform confirmed that improvement exercise and weighted sentiment dipped over the past three days. Though a surge in quantity was seen over the past day, it meant little because the altcoin was buying and selling at a loss.
Learn Polkadot’s [DOT] Value Prediction 2023-2024
DOT’s improvement exercise dropped to its lowest stage over the past three months. A sign that DOT builders weren’t contributing towards enhancing the community. Moreover, a drop in weighted sentiment indicated a lack of dealer religion and optimistic sentiment within the altcoin.
Supply: Santiment