Despite DOT’s upswing, traders adopt a skeptical stance

Polkadot has been on the rise lately. However, the unexpected rise has only put crypto traders on guard.

The sudden price surge has resulted in a 6% rise in short positions against DOT. Around 49% of traders had a short position against the crypto a few days ago. Now, the percentage has gone up to 55% despite DOT gaining an 8.49% value in the past 7 days.

Despite the trader sentiments, DOT only seems to be growing. The crypto is on a bullish run, trading at 5.68 dollars with a 2.77% growth registered in the past 24 hours. Surprisingly, the trend has not resulted in an increase in DOT’s Social Volume.

The tendency signifies that Polkadot is failing to gain popularity among traders. In fact, the Weighted Sentiment surrounding DOT declined recently. It indicated that the crypto is generating more negative comments than positives.

Given the mixed indications, traders looked for a precise Polkadot crypto price prediction to realign their portfolio. Experts think that the ongoing price trend and the Weighted Sentiment can act as a form in DOT’s price.

Even then, Polkadot’s collaborations can boost public sentiment around the network. It can also relieve the dying metrics surrounding DOT. The network has introduced Parallel Finance recently.

Regardless of the announcements, how the updates will assist the network remains to be seen. According to experts’ predictions, DOT can end the year at a high of 8 dollars, which can go as low as 4 dollars.

At the rate the crypto is growing, it can sail through the upcoming hurdles and cross most resistance points. For that to happen, the crypto must make a turnaround in its public image and market sentiment.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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