- Social activity for the Polkadot network declined materially in the last few days.
- The overall activity on the network also fell.
As a long-term crypto investor with some experience in the market, I’m concerned about the recent developments surrounding Polkadot (DOT). The declining social activity and overall network activity are red flags for me.
As a Polkadot [DOT] analyst, I’ve observed that compared to some other L1s, Polkadot hasn’t experienced the same level of growth. A contributing factor to this could be the decreasing buzz around Polkadot on social media platforms.
Word on the street
According to AMBCrypto’s interpretation of Santiment’s findings, the level of conversation about Polkadot on social media decreased noticeably. Additionally, the sentiment score assigned to the Polkadot token (DOT) showed a substantial drop.
Despite this, Polkadot has been proactively partnering with a media firm to boost visibility for its network.
Evolving Media Agency and Content Creator Manager, eVox, has invested substantial time and effort over several months to promote the Polkadot project.
Presently, they are aiming to extend this outreach effort to CoinMarketCap.
It’s yet to be determined if Polkadot’s initiatives to boost its recognition will bring about successful outcomes in the future.
Looking at the price
As an analyst, I’ve noticed that DOT hasn’t been performing well in the market lately. Specifically, from the 1st of April, its price has decreased by 27.96%. This downward trend is evident in the chart as DOT displayed a series of lower lows and lower highs, which are typical characteristics of a bearish market.
As an analyst, I’ve noticed a slight increase in the Chaikin Money Flow (CMF) for DOT. This could be indicative of an upcoming surge in money flowing into DOT, making it a potential buying opportunity.
As a researcher observing the market trends, I’ve noticed that the Relative Strength Index (RSI) for Dotana (DOT) has dropped to 42. This indicates a substantial decrease in bullish momentum for the cryptocurrency. In order for DOT to begin its upward journey once again, it may be necessary for it to revisit and test the resistance level of $7.598 on a few more occasions.
Regarding the current status of the protocol, the scenario appeared rather grim. There was a notable decrease in the number of active users on the Polkadot network within the past thirty days.
The revenue generated by the network also declined during this period.
Read Polkadot’s [DOT] Price Prediction 2024-25
Based on the indicators, it appeared that DOT was underperforming not just in price and social engagement, but the vitality of its entire ecosystem was waning as well.
It could be difficult for DOT to recover if things continue like this.
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2024-05-13 06:15