Polkadot Snags No. 1 Spot In Dev’t Activity This Month – Time To Go Long On DOT?

Christian Encila

2 years ago

3 mins read

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Certainly a welcome change for those who work in crypto. Despite widespread doom and gloom, Polkadot native coin, DOT, has become the most discussed cryptocurrency in the community. Still, that’s not the end of the good news.

A recent tweet by @PolkadotInsider explained how Polkadot has more active developers than Ethereum. This demonstrates the ecosystem’s widespread appeal within the cryptocurrency sector as Polkadot is able to secure the top top spot in terms of development activity this month.

However, the question of whether or not DOT is a solid buy in the present needs to be addressed. In the meantime, with this decent achievement – is it a good time to go long on the crypto?

⚡️TOP #Polkadot #DOT Ecosystem Coins by Social Activity
19 November 2022$DOT $CELR $LIT $KSM $DIA $PHA $CQT $EWT $ANKR $OCEAN pic.twitter.com/2cLLptJBve

— 🇺🇦 CryptoDep #StandWithUkraine 🇺🇦 (@Crypto_Dep) November 19, 2022

Polkadot Falls Short In Hitting New Peaks

The crypto market, as you may be aware, is now witnessing a bearish market mood takeover due to external factors of uncertainty and doubt.

All expectation of a DOT-beneficial relief rally in the near future has been dashed.

DOT’s value has decreased significantly over all time frames, but it has lost 23.7% in the past two weeks, as measured by CoinGecko.

Image: TradingView

As of right now, the token is selling for $5.15, which is a loss. Correlations with Bitcoin and Ethereum, two of the most popular cryptocurrencies, show that its price is tracking the market as a whole.

This could result in a catastrophe for DOT. If its association with BTC and ETH continues to decline, it will be dragged down with them.

As of the time of writing, the correlation between DOT and both ETH and BTC is 0.96, indicating that it will definitely move in the same direction as ETH and BTC.

RSI readings are also declining, with the indicator moving into the oversold region. The fact that the token’s price has never risen above the 50s portends a bleak outlook for its immediate future.

DOT is a DON’T Purchase, For Now

The downtrend is backed by lower lows and lower highs, as well as a widening Bollinger band, which indicates increased market volatility in the immediate future.

In the following days, the EMA ribbon provides a convincing signal for short positions as the price continues to decline.

As prices decline, short positions would be the most profitable strategy for investors and traders in this bear market.

As the price approaches the 161.80 Fibonacci retracement level, investors and traders with a buy-low, sell-high mentality should be cautious, as a near-term rally is unlikely.

Even with the good development activity and social activity of the ecosystem, these will not be sufficient if the market as a whole is in recession.

DOT total market cap at $5.9 billion on the weekend chart | Featured image from Medium, Chart: TradingView.com

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.