- DOT was behind Ethereum in terms of weekly developer activity contributors.
- Growth was seen in the NFT space, but other metrics were bearish.
Polka dots [DOT] The Moonbeam Network recently announced some major integrations that looked promising for the Polkadot ecosystem. For example, Bifrost has partnered with Moonbeam to leverage its underlying infrastructure to gain rapid market access. The partnership will allow Bifrost to use the familiar tools of Ethereum, allowing them to enter the market without problems.
— Polkadot PromoTeam Ecosystem (@PromoTeamPD) November 22, 2022
Laws Polka dots [DOT] Price prediction 2023-24
A pois has been in the news for several weeks regarding its development activity. Even recently, DOT was on the list of popular chains based on weekly developer activity contributors, only behind Ethereum.
POPULAR CHAINS RATED BY WEEKLY DEVELOPMENT ACTIVITY CONTRIBUTIONS
🥈 @a pois: 139 🔥🔥
🥉 Cardan: 126
4. Close protocol: 60
5. Solana: 58
7. Avalanche: 37
8. Algorand: 30
9. Tron: 20
10. Ghost: 10#A pois $ POINT #Blockchain #Relaychain #Level0 #BTC pic.twitter.com/MeTbSKkmK3
— Polkadot Insider (@PolkadotInsider) November 23, 2022
Interestingly, Santiment’s chart revealed that Polkadot has also seen growth in its NFT ecosystem. Polkadot’s total NFT trade count and USD NFRT trade volume both increased last week.
All these positive developments have actually reflected on the price chart of DOT, as its price has increased by more than 7% in the last 24 hours. According to CoinMarketCap, at press time, DOT was business at $5.41 with a market cap of over $6.1 billion.
However, can DOT sustain this uptrend or was it just a side effect of the current uptrend, which most of the cryptocurrencies were showing?
Trouble around the corner?
A look at DOT’s on-chain metrics provided some clarity on what to expect from the token in the days ahead. Despite only trailing Ethereum in terms of contributors to development activity, DOT’s development activity has declined significantly over the past week. This is, in general, a bad sign for the network.
DOT’s Binance funding rate also fell sharply, reflecting lower interest from the derivatives market. However, at the time of writing, DOT’s Binance funding rate has shown signs of recovery by posting an increase. In fact, DOT volume has also increased significantly, which reduces the chances of an unprecedented price drop in the coming days.
Gauges looked better
Although most of the metrics were not supportive POINT, some of the market indicators were in favor of the buyers as they suggested higher prices. DOT’s Relative Strength Index (RSI) rallied and was heading towards the neutral mark, which could be bullish.
DOT’s On-Balance-Volume (OBV) also followed a similar path and increased slightly. According to the MACD results, the bears still had the edge in the market, but things may turn around as there was a possibility of a bullish crossover soon.