- The number of short positions taken against DOT grew despite a surge in price.
- Public sentiment fell materially as social volume fell.
Polkadot’s [DOT] price movement has seen green over the last few weeks, against all odds. But despite this, many traders have turned bearish on the altcoin.
Bears get hungry
Based on AMBCrypto’s analysis of Coinglass’ data, the number of short positions taken against DOT had grown materially. The percentage of short positions taken against DOT grew from 49% to 55% in the last few days.
This meant that many traders were banking on the fall in DOT’s price at the time of writing.
Source: Coinglass
Despite trader behavior, the price of DOT grew increasingly in the past few weeks. The price showed multiple higher highs and higher lows, showcasing a bullish trend.
At press time, DOT was trading at $5.53, with its price growing by 0.91% in the last 24 hours.
However, Polkadot’s Social Volume did not grow during that period. This meant that DOT was failing to gain popularity on the social front.
The network also saw a decline in Weighted Sentiment. This meant that the overall number of negative comments for DOT had increased compared to the positive ones.
This falling Weighted Sentiment could act as a fork in the road for Polkadot’s price, going forward.
Source: Santiment
New updates
However, recent collaborations being made by the Polkadot system could help improve public sentiment around the network and could relieve the waning metrics around DOT.
Read Polkadot’s [DOT] Price Prediction 2023-24
As per a tweet by Polkadot Insider on the 3rd of December, the blockchain will see the launch of Polimec soon. Alongside this, amidst other developments, the ecosystem introduced Parallel Finance as well.
Regardless, it remains to be seen whether these updates will be enough to curb the bearish sentiment around DOT and help the token regain investor favor over the next few weeks.
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/hh34qtJaxQ
— Polkadot Insider (@PolkadotInsider) December 2, 2023
