- Polkadot Insider’s tweet revealed multiple new developments that took on the blockchain’s ecosystem
- Market indicators remained bearish on DOT, suggesting a further price drop
Polkadot [DOT] registered a decline in a key metric in the last seven days, which was somewhat concerning. Not only that, but network activity also declined marginally last week. Despite the decline, the blockchain’s value gained upward momentum.
Additionally, several new developments took place in the Polkadot ecosystem over the last few days, which can help change the declining metrics in DOT’s favor. Its native token, however, continued to face the wrath of bears like most other cryptos.
Read Polkadot’s [DOT] Price Prediction 2023-24
Nothing to rejoice…
Token Terminal’s data revealed that the blockchain registered a decline in its revenue over the last seven days. A decline in revenue isn’t just negative for the blockchain but also somewhat suggests less usage. Additionally, Polkadot’s network activity also declined marginally, as evident from the slight downturn in its daily active addresses.
Source: Token Terminal
It was interesting to note that though the blockchain’s revenue and active addresses declined, the network’s value kept rising. As per DeFiLlama’s data, Polkadot’s TVL has been on the rise for multiple months. This looked quite optimistic for the blockchain’s future.
Though a few key metrics dwindled, multiple new developments in the DOT ecosystem over the last few days can help change the numbers in Polkadot’s favor. Polkadot Insider, a popular Twitter handle that posts updates related to the blockchain’s ecosystem, recently posted a tweet highlighting those updates.
A few of the notable developments included Polkadot’s parachain, Phala Network announcing that Sygma Bridge has successfully integrated into SubBridge. Subspace Network also launched the Gemini III Non-Incentivized Testnet.
The #Polkadot and #Kusama ecosystems are growing impressively with great news on a daily basis 🗞️#PolkadotInsider is pleased to bring you the recap of highlight events in the @Polkadot and @kusamanetwork ecosystems in the last 72hrs 📰
Check it out 👇🧵#DOT #KSM pic.twitter.com/nU06XujLUC
— Polkadot Insider (@PolkadotInsider) July 9, 2023
Not only that but developments were also seen on the NFT front. As per the tweet, Spacers NFT announced the opening of all Spacer Pods. All of these updates could show their impact on Polkadot’s key metrics in the days to follow.
Realistic or not, here’s DOT market cap in BTC‘s terms
DOT under attack
While a few of DOT’s key stats declined, the same remained true for the token’s price action. As per CoinMarketCap, DOT’s price declined by more than 7% in the last seven days. At the time of writing, DOT was trading at $5.07 with a market capitalization of over $6.3 billion, making it the 13th largest crypto.
A look at Polkadot’s daily chart suggested that the price decline might continue. The distance between the 20-day Exponential Moving Average (EMA) Ribbon and the 55-day EMA was declining, increasing the chances of a bearish crossover.
Furthermore, DOT’s Chaikin Money Flow (CMF) registered a downtick. Additionally, its Relative Strength Index (RSI) took a sideways path, further suggesting that the token’s price might decline.
Source: TradingView