Table of contents
- DOT sentiment in line with market levels – data from Santiment
- Intentrance risk in Polkadot as MACD, RSI signal turn bearish
ChatGPT Polkadot [DOT] may finally hit the $100 mark by December 2023. The network’s average galaxy score was up by 16% over the last seven days. Furthermore, its social mentions stood at 643 which was a 36% surge. Polkadot’s bullish sentiments and social engagements also shot up considerably as per the update. Despite the significant performance of the on the social front, DOT didn’t seem in the best of health. As per data from coinglass, DOT’s long/short ratio favoured the stance of short holders.Long positions held stood at 41.27% whereas short positions made up 58.73% of the holders. This was a strong bearish signal.
DOT sentiment in line with market levels – data from Santiment
Data from the intelligence platform Santiment also showed that the weighted sentiment reached its monthly peak. However, the sentiment towards DOT didn’t help the altcoin perform well on the price front. Furthermore, DOT’s development activity also stayed in tandem with its price and maintained sideways action. To add to the not-so-bullish sentiment, DOT’s volume, although surged, stayed far from its monthly peak observed. A drop in the volume along with a drop in DOT’s price could be taken as a strong bearish signal.
Data from TradingView indicated that DOT, at the time of writing, was exchanging hands at $5.1386. Although it showed some recovery from its opening price of the day, DOT’s indicators showed a different picture.
Intentrance risk in Polkadot as MACD, RSI signal turn bearish
The Moving Average Convergence Divergence (MACD) displayed a bearish dominance at press time. This was because the MACD line (blue) was moving below the signal line (red). Furthermore, the Awesome Oscillator (AO) also flashed red above the zero line.
The slight uptick in the RSI could be taken as a tiny sign of reviving confidence. However, traders and investors may still need to maintain caution. Although Polkadot shined as bright as the sun, DOT may take a while to step out of the dark.
Source: https://www.cryptoknowmics.com/news/polkadot-shines-dots-recovery-ahead