According to a well-known cryptocurrency analyst, there are indications on Polkadot's (DOT) price chart that suggest a potential decline of over 20% from its current level.
Cryptocurrency analyst Ali Martinez, in a post on the microblogging platform X, shared that the TD Sequential indicator is signaling a sell signal on DOT's weekly chart. This comes after the cryptocurrency reached its 100-EMA.
The TD Sequential is a technical analysis indicator designed by Thomas DeMark, a well-known financial market analyst. Its main goal is to detect possible changes in asset prices by identifying potential trend reversals. The TD Sequential indicator is grounded on the concept that market trends typically progress in a sequence of ascending or descending price movements referred to as 'countdowns'.
The indicator utilizes a combination of numbers and letters to indicate possible trend reversals, and according to Martinez, it indicates that the price of DOT is expected to decline to $7.5 as part of a profit-taking phase.
Based on CryptoCompare data, Polkadot is currently being traded at $9.1 following a significant increase from its earlier low of $3.6 this year. It's worth noting that the cryptocurrency reached an all-time high of approximately $50 back in 2021.
Polkadot is frequently referred to as the 'blockchain of blockchains' because it allows users to create and manage their own individual blockchains on the Polkadot platform. While the main Polkadot network itself doesn't offer support for smart contracts, the various networks built on top of Polkadot have the capability to support smart contracts.
In terms of developer activity, Polkadot has historically been a leader in the cryptocurrency space. However, according to data from on-chain analytics firm Santiment, it has been recently overtaken by Cardano, a smart contract platform.
When we refer to 'development activity', it pertains to the volume of work performed by a cryptocurrency project's developers on the project's public GitHub repositories over the previous 30 days.
In contrast to other measurements, Santiment's metric concentrates on 'events' rather than solely considering the overall count of commits. These events include a range of actions taken on GitHub repositories, such as committing changes, forking a repository, or generating an issue.
This method offers a more precise portrayal of the developers' actual work since it avoids duplication or inaccuracies that can arise when measuring development activity based solely on commits. By considering a broader range of events on GitHub repositories, it provides a more comprehensive view of the developers' contributions.
Valour updates VDAB10 ETP basket: Adds Shiba Inu and Toncoin, removes Polkadot and Tron. Reflects market shifts and regulatory compliance. Demonstrates commitment to transparency and innovation in digital asset investment.
Huang BoPolkadot sets a new record in NFT minting, surpassing Solana and Polygon with 4,930 NFTs per minute. Its innovative architecture and impending upgrades position it as a key player in the blockchain race, but challenges in network security persist.
JoyThe often overlooked altcoin will experience a significant increase in value, nearly tripling its current worth.
ZoeyWhen the licence is issued, SEBA will be able to offer crypto investment services to customers.
ClementGavin Wood envisions a future that combines blockchain and AI, using blockchain technology to enable decentralized training and data sharing of AI on a global scale.
JinseFinanceNFT, crypto market, the future of cryptocurrency is cultural currency Golden Finance, NFT is culture, nothing more.
JinseFinanceTherefore, no matter what choice investors make at this stage, they cannot have the best of both worlds and must face the possible consequences.
JinseFinancePolkadot's recent surge of 6% reflects the cryptocurrency's resilience amidst market fluctuations. Despite prevailing bearish sentiment, metrics suggest a potential continuation of the upward trajectory, while robust development activity underpins its long-term prospects.
BernicePrivacy, DASH, Zecrey, privacy coins - sacrifices in the mainstreaming process of the encryption industry. Golden Finance, the era of privacy coins has passed, but the privacy track has not.
JinseFinanceThe ICO of Polkadot’s DOT utility token remains in the memory of many veterans in the crypto-asset space, and the same goes for the Polkadot team.
JinseFinanceExplore how Polkadot Blockchain Academy is shaping the future of blockchain innovation with its groundbreaking educational programs in APAC. Join the journey in Hong Kong and Singapore, fostering a new generation of blockchain professionals.
WeiliangGavin Wood, Polkadot, and blockchain's game theory intersection for innovation
SanyaThe job cuts were spread across at least 12 companies over the course of the 28-day period, according to data compiled by Cointelegraph based on publicly reported layoffs.
BitcoinworldGovernment-backed digital assets, CBDCs, have been put forward by different countries to implement crypto payments in the country as opposed ...
Bitcoinist