Polkadot [DOT] experiences a notable surge, exceeding 6% within 24 hours, reaching $8.12 in trading value. Despite heightened investor activity and a significant increase in trading volume, DOT's weighted sentiment remains negative, hinting at prevalent bearish sentiment. However, its sustained high social volume reflects its enduring popularity among crypto enthusiasts.
Despite prevailing market pessimism, metrics offer a contrasting perspective. DOT's open interest increases in tandem with its price, potentially signaling a sustained price trend. Furthermore, the surge in Binance funding rate indicates active interest from derivatives investors acquiring DOT at elevated prices.
AMBCrypto's analysis of DOT's daily chart reveals bullish indicators, with the MACD displaying a bullish crossover and the Relative Strength Index (RSI) registering an uptick. These signals suggest a high probability of the price uptrend continuing.
If the uptrend persists, DOT may encounter resistance around $9.2, with a breakout potentially propelling it beyond the $10 mark. Conversely, a reversal in the price trend could see DOT plummet to its support level of $6.27.
Amidst the price surge, Polkadot's development activity remains robust, aligning with its reputation for high development activity. Recent data indicates a spike in daily code commits, with an average of 122 developers and over 6,000 users actively engaged with the platform.
This year is an important transformation year for Polkadot - from focusing on achieving the limited product goals in the white paper to optimization, stability improvement and product refinement to better meet market needs.
JinseFinanceThis article is translated from the PPT presented by Gavin Wood during his speech at Polkadot Decoded Asia in Singapore on September 16, 2024.
JinseFinancePolkadot, Polkadot Decoded 2024 Asia Station is about to set sail. The Polkadot ecosystem blows the horn of a new blueprint. Golden Finance, this fall, the Polkadot ecosystem will announce its determination to change to the world!
JinseFinanceWith projects leaving Ethereum and weak revenue generation, Polkadot, which has missed out on countless hot spots, may really not have much time left.
JinseFinanceThe Polkadot ecosystem hit a new all-time high of 514,000 daily active addresses, up 48% month-over-month and 192% in 6 months, with Moonbeam remaining the leading parachain.
JinseFinanceGavin Wood, the founder of Polkadot, gave a major keynote speech about the future of Polkadot, which is called Polkadot 2.0.
JinseFinanceExplore how Polkadot Blockchain Academy is shaping the future of blockchain innovation with its groundbreaking educational programs in APAC. Join the journey in Hong Kong and Singapore, fostering a new generation of blockchain professionals.
WeiliangGavin Wood, Polkadot, and blockchain's game theory intersection for innovation
Sanya
Coinlive Polkadot's price keeps going down, and investors are joining other crypto projects with more exciting plans for release. Polkadot's data ...
Bitcoinist