- DOT’s social metrics weekly recap highlighted the pain points of the Polkadot network.
- The RSI stood close to the oversold region and the MFI was in the oversold region, highlighting the bearish influence.
A week into the final quarter of 2023, the cryptocurrency market looked grief-stricken as the bears made their position clear. And Polkadot [DOT] was no different. As reported by AMBCrypto on 8 October, the network’s development in Q3 was quite impressive. However, the price of DOT shared a different sentiment than the network.
This stayed true even at the time of writing as DOT was exchanging hands at $3.81. The altcoin was trading 8.63% lower in the last seven days 5.36% lower over the last 24 hours as per data from CoinMarketCap.
Is your portfolio green? Check the DOT Profit Calculator
While the price was a pain point for the network, Polkadot Insider shared a weekly recap of Polkadot’s social metrics. In tandem with the price trajectory, DOT’s social front also painted a concerning picture.
The recap stated that bearish sentiment around DOT rose to stand at 127.3%, whereas bullish sentiment witnessed a drop of 3.9%. Furthermore, social mentions took a hit and plummeted by 2.8%.
POLKADOT SOCIAL METRICS WEEKLY RECAP
📊Dive into the social buzz around @Polkadot
🌟Over 7D, #Polkadot has been making waves across social media platforms.
🚀The community is buzzing with less attraction from discussions, mentions, and engagements. However, the number of… pic.twitter.com/rF53OZW27D
— Polkadot Insider (@PolkadotInsider) October 9, 2023
Is recovery a closer-than-expected sight?
Traders expecting some change in DOT’s price action may be disappointed and for good reason. As DOT was trading 4.14% lower than its opening price on 9 October, DOT’s indicators also favored the bears. Although the Moving Average Convergence Divergence (MACD) showed that the MACD line was above the signal line, a trend reversal was seen in the making.
Furthermore, the Relative Strength Index (RSI) and the Money Flow Index (MFI) moved toward the oversold region. While the RSI was close to the oversold region at 33.64, the MFI had already made its way into the oversold region and stood at 17.17.
This was a clear indication that the bears were in control, but it also was an indication that a trend reversal may take place. However, traders may have to stay patient for a healthy trend reversal to take place.
Source: TradingView
How the mighty have fallen!
While DOT’s price action was enough to disappoint traders, there was more to add to the bearish concerns. Data from the intelligence platform showed that development activity and weighted sentiment dipped over the last three days. Although a surge in volume was seen over the last day, it meant little as the altcoin was trading at a loss.
Read Polkadot’s [DOT] Price Prediction 2023-2024
DOT’s development activity dropped to its lowest level over the last three months. An indication that DOT developers weren’t contributing toward enhancing the network. Furthermore, a drop in weighted sentiment indicated a loss of trader faith and positive sentiment in the altcoin.
Source: Santiment