While the rest of the crypto market traded flat during trading hours on June 10, the price of DOT increased. The altcoin recorded an intraday high of 5% during those trading hours. However, the performance of the token over the past 24 hours shows that it has continued to reduce its accumulated profits and recorded some losses.
At the time of writing, the price of DOT is down 9% in the last 24 hours and is trading at $7.72. At the same time, the current market capitalization ($7.6 billion) is also down more than 8.7% from the $9.1 level recorded yesterday. Trading volume increased by 4.31%. However, with prices falling, this spike could only be incremental bearish activity.
The Relative Strength Index (RSI) is below the 50 neutral zones and is at 31.56 at press time. Moving closer to the oversold zone, the DOT seems to be struggling to stay away from the bears.
With a market dominance of 0.6%, data from LunarCrush shows an escalating bearish sentiment. Over the past 24 hours, bearish sentiment spiked by 21.83%. On the other hand, bullish sentiment followed with 9% growth.
With increased bearish activity over the past 24 hours, the token’s volatility rate is also 6% higher during that time period.
On the social front, analysts have spotted interesting moves. While DOT’s social volume is down 73%, social dominance is up more than 25% in the last 24 hours.
During the same period, development activity on the network also fell slightly by 0.3%. At the time of writing, this indicator is pegged at 370.
Taken as a whole, the price action of DOT suggests a deeper fall and this is a trap for the bulls if they are too ambitious for a recovery.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Harold
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