The Polkadot (DOT) cryptocurrency, which experienced a decline earlier this month, is showing signs of a potential price rebound. On-chain data and derivatives market indicators suggest a shift in sentiment, with increased accumulation and positive spot flows.
has been declining since earlier this month – An indication of intense profit-taking after the gains it achieved in November. However, the cryptocurrency could soon resume some degree of bullish demand. In fact, DOT was mostly bearish earlier this week, dipping to as low as $7.16 at the time of writing. This performance was noteworthy because it demonstrated clear support after this latest dip. The cryptocurrency’s price entered into the 0.5 and 0.
618 Fibonacci range, where it looked likely to pivot.At press time, DOT had already demonstrated signs of sell pressure cooling down in the last 24 hours, as well as some accumulation.The latest observation could mark the end of the recent retracement and potentially, signal a demand resurgence. On-chain data suggested a shift, one underpinning that such an outcome had already taken place. For example – Spot flows have been negative since mid-December, but recently switched back to positive in the last 24 hours. DOT had roughly $2.01 million spot inflows on Thursday morning.The shift in spot flows confirmed that investors anticipated a re-entry within the aforementioned Fibonacci zone. This outcome confirmed that DOT could still see robust demand, despite the recent downside. This, amid recent concerns that DOT would be heading for more downside. Spot outflows and the market reaction to the Fibonacci zone retest were not the only signs though. The derivatives segment also demonstrated signs of a sentiment shift. DOT longs vs shorts also registered a significant shift. According to Coinglass, roughly 93.35% of all DOT/USD perpetual addresses on Binance were long. However, the overall longs vs shorts ratio cross multiple exchanges remained in favor of the downside. Nevertheless, longs improved slightly over the last 3 days.? This was also a possibility, at the time of writing. DOT funding rates have been growing for the last 4 days. This was a reflection of the fact that there were more longs vs short
Polkadot DOT Cryptocurrency Price Analysis Market Sentiment
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