Polkadot’s DOT currency has been somewhat underperforming in the recent strong altcoin surge, which raises concerns about its standing as a top smart contract platform.
DOT has stumbled along with only a 6% growth in the previous seven days, while altcoins like Solana’s SOL, Cardano’s ADA, Dogecoin, Shiba Inu, and Ethereum all seen double-digit percentage gains.
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In a time when the larger altcoin market is exploding, this comparatively weak price behaviour suggests diminishing momentum and investor interest in Polkadot. The longer-term technicals are still clearly in a decline, and DOT has failed to retake important resistance levels around $4.20.
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Market analyst altFINS says that there was some initial hope in the latest rally off support at $3.60. But after briefly rising over $4.20 barrier, DOT soon lost momentum. Although altFINS sees early indications of a possible trend reversal, price has to finish above $4.20 with confidence before an extended rally can be declared.
Bullish momentum may have already peaked in the near term, according to momentum indicators like the RSI and MACD. This may prevent DOT from seeing more short-term gain unless there is a significant influx of trading interest.
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Due of Polkadot’s limited participation in the current cryptocurrency craze, traders might wish to consider other options, such as prominent altcoins that are truly showing high price performance.
DOT may stay trapped in a range between its resistance at $4.20 and support at $3.60 unless forces materialise to quicken its sluggish price movement.
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