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Polkadot Surges by 6%: What Traders Need to Know

2024/02/28 11:59

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Polkadot surges by over 6% but remains bearish, hinting at prevalent pessimism

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.

Amid market pessimism, the growing open interest and price of DOT suggest a sustained trend

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.

Polkadot's development activity remains robust

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.

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