Polkadot (DOT) Signal: Analyst Warns Over 20% Price Drop
A cryptocurrency analyst recently shared a post revealing that the TD Sequential indicator is flagging a sell signal on DOT’s weekly chart after the cryptocurrency hit its 100-EMA.
What is TD Sequential?
The TD Sequential is a technical analysis indicator created by financial market analyst Thomas DeMark. It is used to identify potential trend reversals in asset prices.
Polkadot (DOT) Price Forecast
The analyst suggests that the price of DOT is going to drop to $7.5 amid a period of profit taking. Currently, Polkadot is trading at $9.1 according to CryptoCompare data, surging from a $3.6 low seen earlier this year.
Polkadot as the “Blockchain of Blockchains”
Polkadot is often described as the “blockchain of blockchains,” as its users can launch and operate their own blockchains on top of Polkadot. The cryptocurrency leads in developer activity, but was recently surpassed by smart contract platform Cardano.
Development Activity Metric
The term “development activity” refers to the amount of work completed by a cryptocurrency project’s developers on the project’s public GitHub repositories within the past 30 days. The metric focuses on “events” rather than the total number of commits.
Hot Take: Take Control of Your Investments
As Polkadot’s price could see a significant drop, it’s essential to keep an eye on the market trends and analyst signals. Keep informed about the future potential of your investments to make well-informed decisions.
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