According to a well-known cryptocurrency analyst, there are indications on Polkadot's (DOT) price chart that suggest a potential decline of over 20% from its current level.
Cryptocurrency analyst Ali Martinez, in a post on the microblogging platform X, shared that the TD Sequential indicator is signaling a sell signal on DOT's weekly chart. This comes after the cryptocurrency reached its 100-EMA.
The TD Sequential is a technical analysis indicator designed by Thomas DeMark, a well-known financial market analyst. Its main goal is to detect possible changes in asset prices by identifying potential trend reversals. The TD Sequential indicator is grounded on the concept that market trends typically progress in a sequence of ascending or descending price movements referred to as 'countdowns'.
The indicator utilizes a combination of numbers and letters to indicate possible trend reversals, and according to Martinez, it indicates that the price of DOT is expected to decline to $7.5 as part of a profit-taking phase.
Based on CryptoCompare data, Polkadot is currently being traded at $9.1 following a significant increase from its earlier low of $3.6 this year. It's worth noting that the cryptocurrency reached an all-time high of approximately $50 back in 2021.
Polkadot is frequently referred to as the 'blockchain of blockchains' because it allows users to create and manage their own individual blockchains on the Polkadot platform. While the main Polkadot network itself doesn't offer support for smart contracts, the various networks built on top of Polkadot have the capability to support smart contracts.
In terms of developer activity, Polkadot has historically been a leader in the cryptocurrency space. However, according to data from on-chain analytics firm Santiment, it has been recently overtaken by Cardano, a smart contract platform.
When we refer to 'development activity', it pertains to the volume of work performed by a cryptocurrency project's developers on the project's public GitHub repositories over the previous 30 days.
In contrast to other measurements, Santiment's metric concentrates on 'events' rather than solely considering the overall count of commits. These events include a range of actions taken on GitHub repositories, such as committing changes, forking a repository, or generating an issue.
This method offers a more precise portrayal of the developers' actual work since it avoids duplication or inaccuracies that can arise when measuring development activity based solely on commits. By considering a broader range of events on GitHub repositories, it provides a more comprehensive view of the developers' contributions.
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