![Polkadot [DOT]: Network development spikes, but bears remain lurking](https://i.headtopics.com/images/2023/2/22/cryptoamb/polkadot-dot-network-development-spikes-but-bears--polkadot-dot-network-development-spikes-but-bears--1628418084330430464.webp)
Polkadot is the blockchain network with the highest development activity in the last 30 days. DOT’s price might be due for a reversal. According to a 22 February tweet by Santiment, Polkadot has once again emerged as the leading blockchain network in terms of development activity over the last 30 days. The data highlighted the […]
showed a decline in the coin’s Open interest since 18 February. During that period, this fell by 8%.
When a crypto asset’s Open Interest falls, this indicates reduced trading activity, as investors may close their positions or take profits. At press time, DOT’s Open Interest was positioned in a downtrend, indicating a sustained decline in positive price movements over the past week.While buyers controlled the DOT market on the daily chart, the persistent decrease in buying pressure might cause the re-emergence of the bears.
Moreover, the position of DOT’s Relative Strength Index and Money Flow Index confirmed the weakening accumulation trend in the market. While still above their respective neutral regions, these key indicators trended downwards. At press time, the RSI was 58.15, while the MFI was 61.70.Despite potential price drawdown concerns, investors in DOT’s derivatives market remain unfazed. This indicated a level of confidence in the underlying asset, despite market volatility and uncertainty.
At press time, DOT’s funding rates on leading exchanges Binance and dYdX have been trending upwards in the last week, per data from
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