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Is Polkadot at the Brink of its Next Bull Run? These DOT Metrics Suggest…

Polkadot [DOT] published a roundup of the network’s notable announcements over the last few days on January 2nd. One of the most notable updates was Astar Network’s integration with Coinhub, which would help Astar grow its user base.

Celer Network also integrated Celer IM, an inter-chain messaging framework, into Astar Network. Astar developers can use Celer IM to send messages or invoke smart contract functions on other major Layer 1 chains such as Ethereum [ETH] and BNB.

On 3 January, it was announced in a blog post that Pendulum had won the 35th parachain auction on Polkadot by collecting nearly 300,000 DOT worth approximately $1.4 million from 51 contributors.

DOT was trading at $4.51 as of press time, with a market capitalization of more than $5.2 billion.

DOT’s price has fallen in recent days, but the tables may soon turn in its favour. A few market indicators suggested that a bull run was possible in the near future.

Moving Average Convergence Divergence (MACD) also revealed buyers’ market advantage. This was supplemented by an increase in the Chaikin Money Flow (CMF). However, the Money Flow Index (MFI) fell below the neutral level, which could be problematic.

Like the market indicators, most metrics for Polkadot appeared to be positive, indicating the possibility of a price increase in the coming days. On 2 January, DOT’s volume increased, and its price increased slightly, adding legitimacy to the increase.

Polkadot’s social dominance has recently grown as well. This reflected its popularity among cryptocurrency enthusiasts. According to Santiment, DOT was ranked second among blockchains with the most development activity in 2022.

However, things began to change in 2023 as DOT’s development activity slowed.

 

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