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

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

12 June 2022

in DOT

Reading Time: 6 mins read

As the rest of the cryptocurrency market traded flat during trading hours on 10 June, Polkadot (DOT) saw some growth in its price. The DOT token registered an intraday high of 5% during trading hours.

However, another look at the token’s performance in the last 24 hours revealed that it proceeded to shed the accrued gains and record some losses. At press time, the price per DOT token was down by 4%. How else did this token perform in the last 24 hours?

A poke in its gains

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

At press time, an 11.23% growth in trading volume was spotted. However, with a decline in price, this spike only represented increased bearish activity.

Further to the above, the Relative Strength Index (RSI) was spotted below the 50 neutral region and was pegged at 38 at press time. Inching closer to the oversold region, the DOT token appeared to be struggling to keep the bears away. On a similar trend at the time of writing, was the Money Flow Index. It marked a spot at 35.69 in a downward curve.

Source: TradingView

A not-so-good shape of the chain…

At a market dominance of 0.6%, data from LunarCrush revealed a growth in the bearish sentiment. In the last 24 hours, the bearish sentiment saw a 21.83% spike. Bullish sentiment, on the other hand, trailed behind with a 9% growth.

Source: LunarCrush

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With increased bearish activity in the last 24 hours, the volatility rate of the token also saw a 6% jump within that window period.

[crypto-donation-box]

Source: LunarCrush

On a social front, interesting movements were spotted. Whilst the social volume of the DOT token registered a 73% decline in the last 24 hours, the social dominance within the same window period grew by over 25%.