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Cryptocurrency News Articles
Polkadot Network Activity Plummets in May Amid Market Downturn
May 10, 2024 at 08:00 am
Polkadot's network activity flourished in April despite a market downturn, marking a record high for monthly active accounts. However, May witnessed a decline in network activity, with daily active addresses, transactions, and captured value falling. Market indicators for DOT remained bearish, reflecting a drop in price and negative sentiment.
Polkadot Network Activity Declines in May Amidst Bearish Market Sentiment
Polkadot's network activity experienced a downturn in May after a surge in April, with most market indicators suggesting a bearish outlook for the DOT token.
April Surge and Bearish Sentiment
April proved challenging for Polkadot, with the DOT token losing over 22% of its value, according to data from CoinMarketCap. This decline impacted the token's social metrics, with bearish sentiment remaining dominant in the market. The token's Weighted Sentiment and Social Volume both declined slightly.
Despite the price action, Polkadot's network activity remained robust, with the blockchain registering a record high. Parachains, the specialized blockchains built on Polkadot, played a significant role in this growth, with Moonbeam emerging as the top contributor to active accounts.
May Reversal and Market Indicators
The positive trend reversed in May, as Polkadot's network activity dipped. Data from Artemis revealed a decline in the blockchain's daily active addresses and daily transactions. This decline was accompanied by a downturn in DOT's fees and revenue.
The blockchain's performance in the decentralized finance (DeFi) space was also lackluster, with its total value locked (TVL) experiencing a decline after a promising spike on May 6.
Technical Analysis and Price Prediction
At the time of writing, DOT was trading at $6.86 with a market capitalization of over $9.8 billion, placing it as the 14th largest cryptocurrency. However, technical analysis by AMBCrypto indicated a bearish outlook for DOT.
The token's failure to break above its resistance near $7.4 and the downtrend in its Chaikin Money Flow (CMF) and Relative Strength Index (RSI) suggested a potential further decline in DOT's price.
Investor Sentiment and Price Volatility
DOT investors faced losses, as the token's value dipped by more than 1% in the past seven days. This decline came amid a broader downturn in the cryptocurrency market, which experienced a significant sell-off in May.
Conclusion
Polkadot's network activity surge in April was overshadowed by a decline in May, accompanied by bearish market indicators and technical analysis suggesting further price weakness. As the cryptocurrency market continues to grapple with uncertainty, investors should exercise caution and monitor Polkadot's progress closely.
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