Crypto veteran Suzuki Shillsalot has recently discussed Polkadot (DOT) and suggested DOT may have shown some short-term bullish spirit and attracted fresh investors, but the daily chart says otherwise.
- In the most recent news, Polkadot was the token with the highest level of social activity within the Polkadot ecosystem. This positive development demonstrated DOT’s popularity in the crypto community.
- However, despite the positive update, things still didn’t appear to be in DOT’s favor. DOT suffered over 3% loss over the previous seven days, according to CoinMarketCap.
- The stochastic for DOT was oversold, which was a strong bullish indication. Furthermore, Santiment’s chart showed a different picture even though DOT dominated the list of blockchains based on its development activity.
- According to DOT’s daily chart, the situation might worsen since several market indicators pointed to a price decline in the ensuing days. For instance, the RSI downtick is indicating an upcoming bearish move.
- The likelihood of a price decline was further increased by the On-Balance Volume (OBV), which took a similar path. The Ribbon of Exponential Moving Average (EMA) demonstrated a similar theme. “Therefore, investors should exercise caution before betting on Polkadot in the coming days,” he added.
See Related: Polkadot (DOT) Price Prediction After Genesis Global Capital Paused Withdrawals
