Polkadot (DOT) is often called the ‘blockchain of blockchains.’ Recent Santiment data reveals that Polkadot has been a leading cryptocurrency in development activities in the last 30 days and is closely followed by Kusama (KSM), Cardano (ADA), and Cosmos ($ATOM). Dot is currently trading at $5.66, with a drop of 3.05%. Can these development activities fuel the rally?
Polkadot’s Developers are Working Hard
According to Sentiments data, the development activities on GitHub repositories in the last 30 days by Polkadot (DOT) and Kusuma (KSM) together had 4,117 projects and are closely followed by Cardano (ADA) in third place and Cosmos ($ATOM) in fourth place.
The development activities refer to the work completed by crypto projects’ developers on the project’s public GitHub repositories in the last 30 days.
Social engagements dropped by 3.2% to 45, and social mentions were down by 9.7% to 1.16k. The chart shows a considerable drop in all three metrics of price, engagements, and mentions. However, a few days ago, social engagements raised to 679.29k, but this factor could not impact its price.
Polkadot is an open-source multichain protocol connecting and securing a network of specialized blockchains. It also facilitates cross-chain transfer of any data or asset types. It aims to promote interoperability in blockchains and provides the foundation for the decentralized internet of blockchain, better known as Web3.
Polkadot (DOT) – Where Does It Stand?
At press time, DOT was trading at $5.66 after losing 3.05%; its value against Bitcoin dropped by 1.11% to 0.0002025 BTC. Market cap suffered by 3.03% to $6.67 Billion, and trading volume was down by 7.91% to $121 Million. Ranking at number 11, it shares a market dominance of 0.58%.
52-week low and high were at $4.2392 and $16.42, respectively. The current rate is down by 89.71% from its all-time high of $55.00 achieved on November 4, 2021, and up by 110.17% from its all-time low of $2.6929 on August 20, 2020. DOT provides an ROI of 103.01%.
2023 has been a relatively good year for Polkadot, as it managed to rise almost 82.50% to $7.889 and is not 40% down from the point. Crucial resistance is present at the $6.693 mark, which it has been trying to break since November 2022; DOT price went above that point but could not sustain.
Currently, the price is closer to S1, and a downward-sloping DMA, MACD, and RSI indicate a southern movement. RSI shows it is moving toward the oversold zone, and the price is below the moving average giving bearish indications.
If the project development pace continues with exciting outcomes, the price could cross the crucial resistance and move closer to R2. However, till the haze is cleared, the price is supposed to consolidate for a while before deciding on a further direction.
