With Polkadot [DOT] suffering a bull trap on the charts, here’s all you need to know

As the remainder of the cryptocurrency market traded flat throughout buying and selling hours on 10 June, Polkadot (DOT) noticed some progress in its value. The DOT token registered an intraday excessive of 5% throughout buying and selling hours.

However, one other take a look at the token’s efficiency within the final 24 hours revealed that it proceeded to shed the accrued positive factors and document some losses. At press time, the value per DOT token was down by 4%. How else did this token carry out within the final 24 hours?

A poke in its positive factors

With the value per DOT token at $8.83 on the time of writing, the token registered a 4.35% loss within the final 24 hours. At $8.72 billion, the market capitalization additionally suffered a 4% decline from the $9.10 recorded in market capitalization yesterday.

At press time, an 11.23% progress in buying and selling quantity was noticed. However, with a decline in value, this spike solely represented elevated bearish exercise.

Further to the above, the Relative Strength Index (RSI) was noticed under the 50 impartial area and was pegged at 38 at press time. Inching nearer to the oversold area, the DOT token seemed to be struggling to maintain the bears away. On an analogous development on the time of writing, was the Money Flow Index. It marked a spot at 35.69 in a downward curve. 

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A not-so-good form of the chain…

At a market dominance of 0.6%, data from LunarCrush revealed a progress within the bearish sentiment. In the final 24 hours, the bearish sentiment noticed a 21.83% spike. Bullish sentiment, however, trailed behind with a 9% progress.

Screenshot 2022 06 11 at 09.16.43

Source: LunarCrush

With elevated bearish exercise within the final 24 hours, the volatility price of the token additionally noticed a 6% leap inside that window interval.

Screenshot 2022 06 11 at 09.21.19

Source: LunarCrush

On a social entrance, attention-grabbing actions had been noticed. Whilst the social quantity of the DOT token registered a 73% decline within the final 24 hours, the social dominance inside the similar window interval grew by over 25%.

Polkadot DOT 09.26.40 11 Jun 2022

Source: Santiment

In the final 24 hours, developmental exercise on the community additionally registered a minor decline of 0.3%. At press time, this metric was pegged at 370.

Polkadot DOT 09.36.10 11 Jun 2022

Source: Santiment

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