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Analyst Predicts Potential 20% Drop for Polkadot (DOT) Amid Bearish Signal

2023/12/27 09:49

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TD Sequential Indicator Flags Sell Signal

Martinez, with a substantial following on the microblogging platform X, pointed out that the TD Sequential indicator, designed by financial analyst Thomas DeMark, signaled a potential downturn on DOT's weekly chart. This indicator aims to spot possible shifts in asset prices by identifying consecutive upward or downward price movements, termed "countdowns."

Potential Price Projection

According to Martinez, the TD Sequential indicator implies a downturn for DOT towards $7.5, citing profit-taking activities in the market.

Current Status of Polkadot

As per CryptoCompare data, Polkadot presently trades at $9.1, witnessing a surge from its earlier 2023 low of $3.6. Notably, its all-time high reached approximately $50 in 2021.

Understanding Polkadot

Known as the "blockchain of blockchains," Polkadot allows users to launch and manage their blockchains atop its infrastructure. While the primary Polkadot network doesn't support smart contracts, the networks built upon it can facilitate them.

Developer Activity

Historically leading in developer activity, Polkadot was recently overtaken by Cardano in smart contract platform usage, according to insights from on-chain analytics firm Santiment.

Measuring Development Activity

Santiment's measure of "development activity" focuses on actions in cryptocurrency projects' public GitHub repositories within a 30-day window. Rather than merely counting commits, it considers various actions like pushing commits, repository forking, or issue creation to present a more accurate picture of developers' contributions.

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