- In terms of weekly activity contributors, DOT was second to Ethereum.
- While growth was evident in the NFT sector, other metrics were more bearish.
Polkadot’s [DOT] Moonbeam network announced some notable integrations recently that look promising for the Polkadot community. Bifrost has partnered with Moonbeam in order to use its infrastructure to quickly gain market access. Bifrost can now use familiar Ethereum tools to quickly enter the market.
— Polkadot Ecosystem PromoTeam (@PromoTeamPD) November 22, 2022
Read Polkadot’s [DOT] Price Prediction 2023-24
Polkadot DOT has been in the news about its development activity for many weeks. DOT was ranked second in the list of top chains based on weekly contributors to development activity, just behind Ethereum.
POPULAR CHINS RANKED BY WEEKLY ACTIVITY CONTRIBUTORS
🥇 Ethereum: 165
🥈 @polkadot: 139 🔥🔥
🥉 Cardano: 126
4. Near Protocol: 60
5. Solana: 58
6. Bitcoin: 41
7. Avalanche: 37
8. Algorand: 30
9. Tron: 20
10. Fantom: 10#Polkadot $DOT #Blockchain #Relaychain #Layer0 #BTC pic.twitter.com/MeTbSKkmK3
— Polkadot Insider (@PolkadotInsider) November 23, 2022
Interestingly, Santiment’s chart revealed that Polkadot also witnessed growth in its NFT ecosystem. Polkadot’s total NFT trade count and NFRT trade volume in USD both spiked last week.
All these positive developments actually reflected on DOT’s price chart, as its price increased by more than 7% in the last 24 hours. CoinMarketCap reports that DOT was currently at press time. trading Market capitalization of more than $6.1 billion at $5.41 and a price per share of $5.41
But, is DOT able to sustain the uptrend or was it just an aftereffect from the bullish trend that most cryptos were showing?
Trouble just around the corner?
A look at DOT’s on-chain metrics provided some clarity regarding what to expect from the token in the days to come. Despite being only behind Ethereum in terms of development activity contributors, DOT’s development activity decreased considerably over the past week. This is a significant negative signal for the network.
DOT’s Binance funding rate also marked a sharp decline, reflecting less interest from the derivatives market. Nonetheless, at the time of writing, DOT’s Binance funding rate did show signs of recovery by registering an uptick. In fact, DOT’s volume also increased substantially, which reduces the chances of an unprecedented price fall in the coming days.
The indicators were better
Although most metrics did not support, DOTA few market indicators were positive for buyers, suggesting a price rise. DOT’s Relative Strength Index (RSI) registered an uptick and was heading toward the neutral mark, which might be bullish.
DOT’s On-Balance-Volume (OBV) also followed a similar route and went slightly up. According to the MACD’s finding, the bears still had an advantage in the market, but things could take a U-turn as there was a possibility of a bullish crossover soon.