• Wed. Jun 19th, 2024

Polkadot (DOT): Assessing Whether High Development Activity Can Reflect On Price

Lisa Reyes

ByLisa Reyes

Oct 4, 2022

Polkadot has dominated headlines for various reasons within the past few weeks. Messari data showed Polkadot has the leading developer environment outside Ethereum. The open-source network enjoyed attention after declaring multiple partnerships within the community.

Luganode, a top blockchain infrastructure for PoS (proof-of-stake) platforms & the web3 market, confirmed partnering with Polkadot recently. Luganode confirmed plans to build staking nodes for the Polkadot blockchain, and they will go line next week.

Indeed, this might be a lucrative development that would heighten the large ecosystem’s value in the coming week. Unfortunately, DOT failed to record impressive gains over the past few days, losing approximately 2.7% within the last seven days.

While publishing this blog, DOT changed hands at $6.36. Though the alternative token gained 2% within the past day, it didn’t accumulate substantial gains by October 3.

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What’s Happening?

In that context, Polkadot announced its weekly digest recently, highlighting all recent updates on the network. Reports suggested that USDC will join Polkadot by 2022-en, after Tether. Furthermore, Polkadot’s popularity was relatively visible when the alt topped the chart of Polkadot Ecosystem Tokens by social activity.

Surprisingly, Polkadot’s development activity heightened amidst these happenings, presenting a positive sign for the blockchain. Nevertheless, the activity recorded a minor decline as of October 3. The coin’s volume also plummeted within the previous week, though noted a slight uptrend on October 3.

Moreover, Dot recorded a decline in its social volume within the past few days. Thus, it remained unclear to predict DOT’s near-term actions as data remained relatively ambiguous.

A Bit of This & That

DOT’s October 3 daily chart shows the token’s price displayed support at $6.09. During this publication, the CMF (Chaikin Money Flow recorded a surge while hovering within the neutral region. Meanwhile, the RSI (Relative Strength Index) swayed well beneath the neutral level.

Furthermore, the EMA (Exponential Moving Average) Ribbon showed seller superiority within the marketplace as the 20-d Exponential Moving Average stayed well beneath the 55-day Exponential Moving Average. Meanwhile, the MACD (Moving Average Convergence Divergence) annulled the overall bearish case.

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Lisa Reyes

Lisa Reyes

Lisa Reyes is a skilled and experienced news writer known for her compelling storytelling and in-depth research. With a dedication to delivering accurate and informative news coverage, her articles provide readers with a comprehensive understanding of current events.

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