As we approach 2024, the Polkadot (DOT) ecosystem continues to thrive with notable advancements. The blockchain sphere is buzzing with activity, and DOT’s price movement reflects this, recording double-digit growth. Santiment’s report highlights the high level of development activities around blockchain, with Polkadot maintaining a robust graph of development activity up to December 25. A crypto analyst known as Polkadot Insider has pointed out several recent developments that could be behind DOT’s high development activity in a tweet.
According to the tweet, DOT is ready for integration with the game engine behind Pokémon Go and Call of Duty Mobile through a collaboration between Parity Technologies and Unity of Games. Additionally, Polkadot’s Parachain Crust network has established a strategic partnership with Algorand. Amid these developments, DOT’s price movement has gained upward momentum, with a more than 35% increase over the last seven days, as reported by CoinMarketCap.
In just the last 24 hours, Polkadot’s value has risen by over 6%. At the time of writing, DOT was trading at $9.36 with a market cap exceeding $11.8 billion, ranking it as the 11th largest cryptocurrency. However, crypto analyst Ali Martinez recently highlighted a potential sell signal when DOT reached significant resistance at the 100-EMA on its weekly chart. This prompted an examination of Hyblock Capital’s data to see if a sell-off had occurred.
Analysis showed that DOT experienced an increase in liquidations near the $9.5 region, leading to a slight price correction as the token failed to break above $9.5. To determine if a downward trend was emerging, the daily chart of Polkadot was examined. DOT’s MACD indicated a bullish trend, favoring buyers, but the price reached the upper limit of the Bollinger Bands. Furthermore, the Chaikin Money Flow (CMF) recorded a decline, suggesting the possibility of a downward price trend.