Posted:
- DOT was up by almost 5% within the final 24 hours, together with an increase in quantity.
- Social metrics remained excessive, however just a few indicators turned bearish.
Polakdot [DOT] not too long ago witnessed a significant hike in its income, which meant that the blockchain’s utilization elevated. Apparently, Avalanche [AVAX] additionally registered an analogous improve not way back, after which the token’s worth skyrocketed. Will DOT observe an analogous development?
Polkadot’s captured worth is rising
Polkadot Insider posted a tweet on twentieth December highlighting the truth that Polkadot ranked second on the listing of blockchains with highest income fee within the final seven days.
Kusama [KSM], Polygon [MATIC], and Solana [SOL] additionally made it to the highest 5.
Whereas DOT sat within the second spot, AVAX took the highest place on the listing. A hike in income additionally implies that there should have been an increase in community’s charges.
AMBCrypto reported beforehand that AVAX witnessed a surge in its generated charges, as the worth touched $3.5 million. Quickly after that, AVAX turned one of many solely prime cash that registered double-digit positive aspects as its worth rallied by over 30% on the time.
Subsequently, AMBCrypto checked Polkadot’s standing to see whether or not it was additionally following an analogous development. Our evaluation of Token Terminal’s knowledge revealed that DOT’s income and charges spiked sharply on sixteenth December.
Supply: Token Terminal
DOT’s worth is rising
Like AVAX, DOT’s worth additionally registered an uptick. Based on CoinMarketCap, DOT was up by greater than 5% within the final 24 hours alone. On the time of writing, Polkadot was buying and selling at $7.16 with a market capitalization of over $9.3 billion.
The token’s buying and selling quantity additionally surged together with its worth, which was bullish.
Sentiment across the token remained broadly optimistic as its weighted sentiment spiked just a few occasions final week. DOT’s social quantity additionally remained excessive.
Moreover, DOT remained in demand within the derivatives market, as evident from its inexperienced Binance funding fee.
Supply: Santiment
To know whether or not DOT will have the ability to maintain this worth uptick, AMBCrypto checked the token’s every day chart. As per our evaluation, DOT’s MACD displayed a bearish crossover, regardless of the worth uptrend.
Learn Polkadot’s [DOT] Worth Prediction 2023-24
Its Cash Circulation Index (MFI) went down from the overbought zone and was headed in direction of the impartial mark, rising the possibilities of a worth downtick within the days to observe.
Nonetheless, Polkadot’s Chaikin Cash Circulation (CMF) rested properly above the impartial mark, suggesting that the northbound worth motion may proceed additional.
Supply: TradingView