The 2022 market slump didn’t spare any crypto, with most digital assets trading with massive discounts. Meanwhile, Polkadot designs an environment to ensure dip-buyers enjoy lucrative DOT utility.
Recently, Polkadot announced a new cryptocurrency staking dashboard designed with a user-friendliness status. Polkadot nominators increased past 30K following the staking dashboard announcement at Polkadot Decoded. That indicated the interest or demand for DOT staking.
The staking functionality underscore’s the efforts by Polkadot to encourage long-term market players to stake DOT. Such developments could mean an increased price floor for Polkadot as heightened holders’ stakes lower selling momentum.
While publishing this post, DOT changed hands near $6.91, gaining 0.59% within the past 24 hours. Meanwhile, the alternative token remained 4.67% down over the past week. DOT explores lows seen in June this year, confirming a support or price floor.
DOT hovered approximately 87% down from its ATH. Its MFI (Money Flow Index) suggests substantial outflows within the past few days. Nevertheless, DOT might rebound from its current floor amid improved market conditions.
Is DOT Ready for Upside
Though the new staking dashboard might not ensure immediate effects on price, its contributions could be more noticeable in the long term. DOT sees its price constricted around 30-day lows.
That matches the developer activity declines since mid-June, reflecting faded investor confidence. Nevertheless, the social dominance index displays surged activity since July started.
Polkadot’s resistance to price movement reveals uncertainty within the marketplace. Nevertheless, some on-chain metrics indicate that market players have been purchasing DOT amidst prevailing discounted prices.
For instance, the whale supply metric increased from 30-day lows at 43.92% on July 1 to July 6’s 44.54%. Also, July’s final six days had Polkadot’s volume metric recording a substantial upswing.
The uptick in volume and whale supply shows Polkadot witnessed significant accumulation within the past few days. Nevertheless, the asset’s price remains restricting, indicating the absence of buying momentum to back massive upswings. Improved broad market sentiment would support DOT’s optimism.
What are your thoughts about the content above? You can utilize the reply section below to comment.