Crypto analysis: Polkadot (DOT) continuing downward trend raises concerns

[Cryptocrit]

Polkadot (DOT) has been experiencing a notable downturn in its price, with the current value resting at $7.58 USD as of 2:49 PM PST. Over the past 24 hours, the cryptocurrency has seen a decrease of 2.89%, contributing to its ongoing downward trend. This trend is further evident when examining its performance over longer periods, with a 7-day change of -7.50%, a 30-day change of -9.06%, and a staggering 1-year change of -79.20%. These figures reflect a concerning trajectory for investors and traders alike.

Despite a slight upward tick in the last hour, DOT remains significantly below its all-time high of $54.98 USD, which was recorded on November 4, 2021. This vast disparity raises questions about the cryptocurrency's ability to regain momentum and stabilize its value in the near future. Moreover, the decrease in trading volume compared to previous days suggests a decrease in market activity, indicating waning investor confidence and participation.

Read full analysis:
https://www.cryptocrit.xyz/2024/02/Polkadot-price-analysis.html

[hugeblack]

Polkadot (DOT) is one of the projects or cryptocurrencies that was heavily promoted at some point by Binance without having any real development or a developer team looking for solutions and a good blockchain to manage smart contracts. Therefore, we see that the price no longer reacts positively during the recent months, and I think it will turn into a dead coin or one that follows the same path as cryptocurrencies with a long-term downward trend. In short, it is not a good long-term investment.

[Power420]

Polkadot (DOT) is one of the projects or cryptocurrencies that was heavily promoted at some point by Binance without having any real development or a developer team looking for solutions and a good blockchain to manage smart contracts. Therefore, we see that the price no longer reacts positively during the recent months, and I think it will turn into a dead coin or one that follows the same path as cryptocurrencies with a long-term downward trend. In short, it is not a good long-term investment.

Basically I don't think investing in Altcoins is a safe investment, because if there is a real safe investment it is Bitcoin. Currently peaking by Binance and only reaching $7, it's been a pretty good run so far. The price of Bitcoin has been showing signs of upside for months, so it has been faithfully outperforming the Bitcoin market for a long time.

[Faisal2202]

You showed good stats, although I did not double-check them but I hope they are right, and I am still bullish on DOT because the project is parenting with good gaming platforms like COD Mobile and Pikachu, etc. And they might partner with many more but TBH I am not exploring it much, but I do have some money invested in it too. I am not at profit but neither on much loss as well.

At the moment we really have better options then DOT, like Neutron, deso, etc. Although I am comparing tokens of different narratives, but even in the field of DOT's narrative we have other best options which can outperform its price, but considering the last bull run I am bullish on it, if its price is not pumping then I think its undervalued! Don't you think?

[yhiaali3]

It is unfortunate to find Polkadot (DOT) in this downward trend even though it has been one of the successful projects for a long time, but it seems that the golden period has passed and it is difficult for Polkadot to regain its position in the market.

The continued decline of the coin over an entire year, losing about -79.20% of its value, indicates real problems and the team’s inability to overcome these problems, and this should greatly worry investors.

In general, I do not see investing in Altcoin as a successful investment in the long term, so my advice to investors in DOT is to sell their assets with the first rise and move to invest in Bitcoin before the next bull, because this is the only safe investment.