Did a little deep dive on $DOT #polkadot
Heres my quick thoughts in a thread.
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#cryptocurrency #crypto
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Let me know what you think.
1/ HISTORIC PERFORMANCE
$DOT we saw a lot of buying pressure in the run up to the first parachain auction on the first of Nov 11, which promptly saw a sell off.
Classic case of buy the rumour, sell the news.
2/ CORRELATION WITH #BITCOIN
Historically we have seen a loose correlation between #BTC & $DOT
However since around the 20th Dec #PolkaDot has broken away from the side ways moving #bitcoin
Could it breaking out?
3/ GROWTH IN DEVELOPERS
A bullish indicator for me is the amount of developers migrating to a platform.
Both #Kusama and #polkadot now have the second & third highest total of developer activity (source GitHub)
Bullish.
4/ SOCIAL & SEARCH VOL
Both search & social mentions are way below the November highs, which correlates with the hype in parachain auctions in Nov & the subsequent sell off.
However Its always good to buy in before the hype + social volume might picking up again ( right chart)
5/ MACRO VIEW - PT1
IMO their wont one L1 to rule them all. Similar to tech, there will be a few big players that dominate & a long tail of smaller ones (ie Amazon, Ebay and independents)
Either way $DOT & $KSM are well placed to thrive, as they help these L1s interact.
6/ MARCO VIEW -PT2
$DOT & $KSM could both ride the increasing hype around #web3
7/ DOUBLE BOTTOM?
Both $DOT & $KSM seem to be forming a double bottom on the daily chart, which is a bullish sign.
Also $KSM looks like it bounced off a resistance level at about $275.
8/ CONCLUSION
- $DOT & $KSM are well positioned to take advantage of #web3 macro trend & #layer1 resurgence
-Charts looking bullish on the daily (but keep an eye on it)
-Overall bullish & with prices being low potentially good time to buy.
9/ THANKYOU
Hope you find this thread useful.
Just my take & Not Financial advice.
If you enjoyed this thread, you might like my others covering
-TOKECONOMICS
-RESEARCHING ALTS
-BEST #btc indicators
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