- DOT’s funding rates dropped, signifying that short traders took over the market
- DOT’s price continued on its month-long decline spree
Weekend trading commenced with a significant decline in Polkadot’s [DOT] Funding rates According to Santiment data, this indicates that several short positions were opened.
Read Polkadot’s [DOT] Price Prediction 2023-24
According to the onchain analytics platform, DOT was valued at -0.000213 at press-time. It is important that you note that increasing short positions can often lead to an increase in asset value. This caused most short traders to be in a very liquidated position.
Data from CoinglassIn the last 24 hours, $18.53 million was spent on liquidations in cryptocurrency markets. 6,720 traders were also liquidated. 1.5% of all market transactions were liquidated by the DOT at $264,000
Source: Coinglass
In case you are shorting Polkadot…
DOT was trading at $5.28 as of the writing. In the last 24 hours, DOT’s price fell by 2.33%. According to data from, trading volume also fell 10% during the same period. CoinMarketCap.
On a daily chart assessment, DOT’s buying pressure steadily declined since 3 November. The alt’s price fell by 5% in the last seven days. A closer look at the alt’s performance revealed that DOT’s distribution climbed gradually since FTX’s collapse. Since then, DOT’s price has fallen by 26%.
Sellers are now in control of the market due to increased DOT distribution. The position of DOT’s Directional Movement Index (DMI) confirmed this. A look at the DMI revealed the sellers’ strength (red) at 19.56 sat solidly above the buyers’ (green) at 16.21.
Key momentum indicators also showed a downward trend at press time, suggesting that buying pressure has fallen further. DOT’s Relative Strength Index (RSI) rested below the 50-neutral spot in a downtrend at 42.34. Similarly, the Money Flow Index (MFI), also in a downtrend, was at 48.38 at press-time.
As DOT’s price fell, a reading of its On-Balance-Volume (OBV) showed a similar decline. Typically, if the OBV and the price of a cryptocurrency asset are making lower peaks or lower troughs, then the price decline will continue. As of this writing, DOT’s OBV was -74.703 million.
Source: TradingView
On the chain…
Polkadot’s development activity continued to climb, placing it above Solana and Cardano in terms of sub-ecosystems, repos, and weekly commits by developers.
So @Polkadot Only 2nd to @ethereum Referring to sub-ecosystems (repos), and weekly commits made by developers (according ). @Artemis__xyzHowever, it is not often discussed in the smart-contract protocols. What are your thoughts? https://t.co/KYcleosH60 pic.twitter.com/yLTwGL1QoJ
— Chris Burniske (@cburniske) December 8, 2022
In the last month, Polkadot’s development activity grew by 5%.
Source: Santiment