DOT’s RSI and stochastic were oversold, which was bullish Metrics also supported a price hike while a few of the indicators were against it Polkadot’s [DOT] recent price action was not up to the mark as it registered negative weekly growth. As per CoinMarketCap, DOT was down by nearly 3% over the last seven days. […]
As per CryptoQuant, Polkadot’s Relative Strength Index (RSI) and stochastic were both in oversold positions. This was a major bullish indicator that suggested a price surge in the coming days.
Interestingly, Polkadot Insider, a popular Twitter handle that posts updates related to the Polkadot ecosystem, revealed its weekly stats. This further established the popularity of Polkadot in the crypto community.
Furthermore, as per the tweet, Polkadot’s social engagement exceeded 43 million, reflecting its popularity. Not only that, but Polkadot’s Galaxy score also looked positive.
Furthermore, Polkadot’s metrics also showed signs of recovery, as most metrics suggested that the token’s price would rise in the coming days. For instance, DOT’s Bionance funding rate registered an increase, reflecting its demand in the derivatives market.
DOT’s development activity also went up, which could be taken a positive signal. DOT also managed to remain popular as its social volume spiked last week.
Source : [Polkadot investors could have a merry start to 2023 if DOT goes with this flow](ambcrypto.com/polkadot-investors-could-have-a-merry-start-to-2023-if-dot-goes-with-this-flow/) by Suzuki Shillsalot - December 26, 2022
