DOT may embark on a recovery journey as these findings come to light

Posted: September 28, 2023

• Polkadot’s nomination pools hit a new milestone as per an update shared by Polkadot. 
• DOT’s indicators showed a slightly positive movement given the improvement in buying pressure. 

On 25 September, AMBCrypto reported that Polkadot [DOT] made an attempt to get back on its feet and tried to reclaim its position in the market. The network’s partnership with airdrop.com was made in an attempt to capture the attention of the market and traders. Three days later, DOT still traded in the red.

Realistic or not, here’s DOT’s market cap in BTC’s terms

At the time of writing, DOT was exchanging hands at $3.99 as per data from CoinMarketCap. Furthermore, it was trading almost 3% lower in the last seven days and 0.32% lower in the last 24 hours.

While the price front had this to offer, the network did have some good news to share on the network growth front. Polkadot Insider’s latest update on X (formerly known as Twitter) highlighted the network’s latest developments. These gave users a peak into the ongoing growth activities on the network.

The #Polkadot and #Kusama ecosystems are growing impressively with great news on a daily basis #PolkadotInsider is pleased to bring you the recap of highlight events in the @Polkadot and @kusamanetwork ecosystems in the last 72hrs

Check it out #DOT #KSM pic.twitter.com/75nsuYDOTD

— Polkadot Insider (@PolkadotInsider) September 27, 2023

While this wasn’t all, an update from Polkadot also highlighted the state of Polkadot nomination pools. As per the update, Polkadot nomination pools hit a new milestone. As per the tweet, more than 7,000,000 DOT were staked in the pools, which was a 724% surge since the beginning of 2023.

Polkadot nomination pools have hit a new milestone

More than 7,000,000 DOT staked in pools – a 724% increase since the beginning of the year!

Join more than 15K pool members and start collecting rewards with as little as 1 DOT https://t.co/dnFtZNoCl8 pic.twitter.com/NlAPkyptds

— Polkadot (@Polkadot) September 27, 2023

Recovery could be underway

Considering DOT’s mostly red price action over the last few weeks, a slight of of hope could be seen in DOT’s movement. At the time of writing, DOT’s Relative Strength Index (RSI) stood at 38.90. However, a slight uptick could be witnessed indicating the revival of buying pressure surrounding DOT.

While this wasn’t significant enough, it could be deemed as a start. Furthermore, a look at the Awesome Oscillator (AO) flashing green bars added to the revival of bullish sentiment toward DOT. Additionally, the Moving Average Convergence Divergence (MACD) confirmed the reappearance of the scaled-down but hopeful bullish sentiment.

Source: TradingView

A tough road ahead

While DOT’s indicators put forth a slightly positive front, its metrics didn’t exactly share the sentiment. Data from Santiment highlighted that DOT’s weighted sentiment witnessed a downfall after making some strides. However, DOT’s development activity did witness an upsurge.

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This indicated that developers were actively contributing toward the development of the network. Furthermore, a rise in DOT’s social dominance was a strong indication that DOT was gaining strength and momentum on the social front.

Source: Santiment