After a week of promising price increases, Polkadot [DOT] bulls took control as its price declined in the last few hours.
Most metrics hinted at a price increase, which could result in a breakout from a bullish pattern.bears took control as its price declined in the last few hours. However, there was more to the story as a bullish pattern formed on the token’s price chart.Polkadot’s upcoming rallyrevealed that Polkadot witnessed an over 13% price rise over the last week. But the scenario changed in the last 24 hours as its value plunged by more than 5%.
The negative price action had an impact on its social metrics as its weighted sentiment dropped into the negative zone. This meant that bearish sentiment around the token increased.Source: Santiment, highlighting an interesting development. As per the tweet, a bullish falling wedge pattern appeared on the token’s 2-day chart.
Notable, while the price action remained volatile, DOT’s development activity remained high, a front on which DOT has dominated for several years.was in a “fear” phase. Whenever that happens, it suggests that the chances of a price increase are high.
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