Where Polkadot stands after 7-day hike

AMBCrypto
AMBCrypto

27 Jun 2023 5:30 PM

DOT's 13% hike brought fresh breath into the market. But traders are not as enthusiastic as they once were....

  • Investor expectations around DOT had turned bearish, but a recovery might not be far away.
  • Polkadot still lagged behind many L1 blockchains in terms of active users.
  • DOT’s long/short ratio fell to 0.97, indicating mostly bearish sentiment towards the token.
  • Open Interest (OI) had stabilized at a low level, suggesting that DOT could be preparing to rally again.
  • Polkadot’s development activity was down 78.93, but its NFT volume remained impressive.
  • DOT’s active users were a little over 4,000, suggesting that many addresses might not be holding on to their DOT tokens for long.

The article presents a mixed sentiment towards Polkadot's DOT token. While investor expectations have turned bearish, there is still hope for a recovery. The decline in active users and development activity is concerning, but the impressive NFT volume shows potential for interest in the token.

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You May Ask

What is Polkadot's long/short ratio and what does it indicate about investor sentiment towards DOT?What is Open Interest (OI) and how does it suggest that DOT could be preparing to rally again?What is the current number of active users for DOT and what does it suggest about the token's short-term prospects?How has Polkadot's NFT volume been performing and what does it suggest about interest in the token?What is the current state of Polkadot's development activity and how does it compare to its usual performance?

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