Polkadot’s (DOT) latest indicators signal potential price consolidation is coming. A bearish death cross just formed in the price chart, reinforcing that a bullish trend shouldn’t appear soon.

Development Activity has decreased for 13 days in a row, indicating that DOT is losing its momentum. These metrics, alongside RSI, suggest that Polkadot’s price support level at $8.30 could be tested soon.

Development Activity Has Decreased for 13 Days in a Row

Historically, DOT Development Activity was pretty correlated with its price. However, in 2024, it’s possible to see a moment where this correlation is detached. Between January 14 to January 31, Development Activity grew by 8.45%. However, in that same period, the DOT price went from $7.33 to $6.64.

Then, between February 11 and February 19, we had another occurrence of that phenomenon. DOT price grew from $7.01 to $8.03. At the same time, Development Activity decreased by 12%. This detachment between these two metrics indicates that DOT price had all that growth in 2024 – from $8.60 on January 1 to $11.6 on March 13 – due to external factors. These factors could not be directly related to its fun

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Author: Tiago Amaral

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