2024-04-27 15:05:06
- Although development activity slowed, Polkadot network activity climbed the charts
- A trend reversal may be in play for DOT Price Action
Moles [DOT] has been recognized for having a strong and constant development activity over the years. However, according to recent data, other blockchains such as Ethereum [ETH] y BNB chain has been shown to exceed levels in recent days. While this change was occurring, DOT price action turned bearish on the charts.
Polkadot development activity is decreasing
Coin98 Analytics recently shared a cheap mentions a list of blockchains ranked according to their development activity. According to the tweet, Polkadot registered 827 developers last week and the blockchain witnessed over 5,000 weekly code confirmations.
While the number itself was not low, it was lower than other blockchains. For example, ETH had over 2,000 weekly developers making over 19,000 commits. Polkadot was also behind the BNB Chain, whose weekly commits exceeded 6,000.
Other blockchains that eclipsed DOT were Polygon [MATIC] y Optimism [OP]whose weekly commitments were 6,300 and 5,200 respectively.
AMBCrypto’s analysis of Santiment data also revealed a similar story. We found that DOT development activity dropped dramatically over the past seven days. However, despite the drop in development activity, the number of contributors to blockchain development activity increased several times last week.
It is interesting to note here that while blockchain development activity fell, network activity saw a massive increase last week.
AMBCrypto’s look at Artemis data revealed that following several days of inactivity, DOT daily active addresses spiked on April 24. Thanks to the increase in active addresses, the daily transaction count also followed a similar trend.
The bears attack the DOT
Meanwhile, Polkadot bears braced as the price of the token fell on the charts. According CoinMarketCap, DOT lost more than 1.5% of its value over the past seven days. In fact, in the last 24 hours alone, the token’s value dropped by 2%. At the time of this publication, DOT was trading at $6.70 with a market capitalization of over $9.6 billion.
The DOT funding rate has also increased in recent days. This is a bearish development, as prices tend to move in the opposite direction to the funding rate.
However, Polkadot’s open interest also declined. A decrease in the calculation is a sign that the chances of the current market trend changing are high.
File Moles [DOT] Price prediction 2024-25
The DOT Money Flow Index (MFI) also recorded a strong decline and was moving further above the neutral level, indicating a possible price increase.
Finally, according to Bollinger Bands, the price of DOT was below the 20-day simple moving average (SMA). A successful breakout above that level might result in another bull run for the altcoin on the charts.
This is an automatic translation of our English version.
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