BitcoinWorld

Blockchain News

Polkadot’s [DOT] Good Days are Far from over, Thanks to These Metrics

Polkadot [DOT] recently garnered news, but not for its development activity, but for its revenue. In terms of revenue performance over the last seven days, it ranked second among the leading blockchains. The network took first place, with Solana coming in third.

Polkadot Insider also posted on-chain data on January 12th, revealing a number of crucial ecosystem statistics. For example, the overall number of completed blocks had reached 13.8 million, and total transfers were on their way to 10 million.

Furthermore, the number of holders surpassed one million, which boded well for the blockchain.

DOT’s price performance was also favourable to investors, as it posted double-digit increases in the previous week as a result of the continuous optimistic market. According to CoinMarketCap data, DOT’s price climbed by 13% in the last week, and at the time of writing, it was trading at $5.23 with a market capitalization of more than $6 billion.

According to DOT’s on-chain measurements, the price increase was caused by a combination of variables, not just the market scenario. In the last seven days, DOT’s Binance financing rate has remained continuously high, demonstrating its demand in the futures market.

Last week, positive views toward DOT remained reasonably high, demonstrating the community’s faith in DOT. According to LunarCrush, DOT’s volatility has increased significantly, raising the prospect of a continuing advance in the days ahead.

The majority of DOT’s market indicators were optimistic, implying that the upswing would continue in the following days. The MACD suggested a significant bullish advantage in the market. DOT’s Chaikin Money Flow (CMF) was also significantly higher above the neutral level.

According to the EMA Ribbon, the 20-day EMA was rapidly approaching the 55-day EMA, boosting the likelihood of a bullish crossover. Furthermore, the Bollinger Band suggested that DOT’s price had entered a high volatility zone, raising the likelihood of a sustained price spike.

However, the DOT’s Money Flow Index (MFI) was overbought, which may be of worry to investors.

 

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.