Polkadot Posts Highest Development Activity In Last 7 Days – A Boost For DOT Price?

Christian Encila

2 years ago

3 mins read

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Polkadot (DOT) is experiencing a sharp price correction for the past days, painting its charts in red as it continues to struggle to find a solid footing and start climbing once again.

At press time, tracking from Coingecko shows the crypto is trading at $6.11, going down by 1% over the last seven days, 5.1% for the past two weeks and by 4.6% over the last month.

Furthermore, forecast from cryptocurrency data provider Coincodex points at a massive decline for Polkadot.

While the altcoin in seen to slightly increase its value over the next five days to $6.18, it is bound to fall down all the way to $4.02 30 days from now.

There are 24 technical analysis indicators that are sending bearish signals for the digital asset that is also under tremendous pressure from its extremely high supply inflation.

Polkadot Outperforms Ethereum And Solana

Even with its extended bearish momentum, DOT managed to surpass Ethereum and Solana – two of cryptocurrencies in top 10 in terms of market capitalization – in terms of blockchain activity numbers.

According to data shared by Polkadot Insider, over the last seven days, the asset’s network was able to tally activity index of 3124.14.

ETH only managed to register 78.79 and was actually outranked by NEAR which came second to DOT with its 90.86 tally.

Once again, @Polkadot is leading the dashboard in terms of development activity performance (3124.14) in the last 7D ?

The collected data is from @santimentfeed. Let’s check out more below for further comparisons ?#Polkadot $DOT #DOT pic.twitter.com/jpjjir7FXj

— Polkadot Insider (@PolkadotInsider) October 18, 2022

SOL on the other hand ranked 4th with 67.21 while Bitcoin, the largest cryptocurrency in terms of market capitalization, came in at 7th place with its 36.64 activity index.

Polkadot’s performance in this department was so good that even the combined total of the other 9 assets on the list won’t be enough to surpass the 11th ranked crypto in terms of market cap.

Analysts Recommend Buying Polkadot

As the altcoin remains on a downtrend, its bearish sentiments won’t let up and analysts are thinking this might present an opportunity for accumulation.

Sharing his “long-term plans” with his 415,700 followers, CryptoGodJohn re-echoed the prediction of Coincodex, saying Polkadot will likely decline to $4.

If that happens, according to the analyst, buyers must take advantage and accumulate as much DOT as they can.

The plan is to hold until the time comes when they can sell the altcoin for more the $50. That, however, could take a while as indicators suggest DOT will hit that level by 2024.

But, given the volatility of crypto space, a sudden price surge is still possible. Therefore, investors must always pay close attention to Polkadot.

DOT market cap at $6.9 billion on the daily chart | Featured image from Money24H, Chart: TradingView.com

Disclaimer: The analysis represents the author's personal views and should not be construed as investment advice.

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.