Polkadot, (DOT), is currently experiencing a steep price correction over the last days. This has painted its charts in red. As it continues to struggle for a firm footing to climb once more, its charts are also showing signs of a slowing down.
As of press time tracking is from CoingeckoIt shows that crypto traded at $6.11 on Monday, down by 1% during the previous seven days and 5.1% over two weeks. The cryptocurrency is also trading at 6.6% for the month.
Additionally, you can also forecast using cryptocurrency data provider CoincodexPolkadot’s points are in massive decline
The altcoin is expected to see a slight increase in its value to $6.18 over the next five-days, but it will drop to $4.02 within 30 days.
24 indicators of technical analysis are sending out bearish signals to the digital asset, which is under immense pressure due to its high supply inflation.
Polkadot outperforms Ethereum and Solana
Despite its prolonged bearish momentum, DOT still managed to Exceed Ethereum and Solana – two of cryptocurrencies in top 10 in terms of market capitalization – in terms of blockchain activity numbers.
According to data shared by Polkadot Insider, over the last seven days, the asset’s network was able to tally activity index of 3124.14.
ETH managed only 78.79 but NEAR came in second with its 90.86 tally.
Yet again @PolkadotThe dashboard is at the forefront of performance in development activities (3124.14), in the 7D preceding.😎
All data collected is available at @santimentfeed. Let’s check out more below for further comparisons 🔥#Polkadot $DOT #DOT pic.twitter.com/jpjjir7FXj
— Polkadot Insider (@PolkadotInsider) October 18, 2022
SOL, on the other side, ranked 4ThWith 67.21, Bitcoin was the biggest cryptocurrency by market capitalization at 77.2ThPlatz with its 36.64 Activity Index.
Polkadot’s performance in This department was so good that even the combined total of the other 9 assets on the list won’t be enough to surpass the 11thMarket cap ranking of crypto.
Analysts recommend buying Polkadot
As the altcoin remains on a downtrend, its bearish sentiments won’t let up and analysts are thinking this might present an opportunity for accumulation.
Sharing his “long-term plans” with his 415,700 followers, CryptoGodJohnCoincodex echoed his prediction that Polkadot’s value would plummet to $4.
According to analysts, buyers should take advantage of this situation and collect as much DOT possible.
The idea is to wait until altcoins are available for sale at a higher price than $50. However, this could take a while, as some indicators indicate that DOT will reach the $50 mark by 2024.
However, sudden price increases are still possible given crypto’s volatility. Polkadot is therefore a key indicator for investors.
The DOT market cap is $6.9B on the daily chart. Featured image by Money24H. Chart: TradingView.com| Featured image from Money24H, Chart: TradingView.com Disclaimer: This analysis is the author's opinion and should not necessarily be considered investment advice.