Insider of Polkadot (DOT) posted an interesting update on September 23, 2022 update, the performance of “developers” over the past seven days has seen an upward trend

already trading as high as $ 55 in 2021, but the scenario is playing out in the crypto market as a whole, saw a sharp drop in prices. However, with some positive news coming to DOT, it makes sense to look back at its performance.

On the daily timeframe, after a period of time when DOT peaked at over $55, it started a downtrend. Looking at the six hour time frame, DOT has been unable to break the $ 6.64 resistance level for the past six days.

The support for the same timeframe is around $ 6.09. However, on the daily timeframe, major resistance lies in the $ 8.09 region with resistance on the six-hour timeframe acting as support.

Source: TradingView

The Directional Movements Indicator (DMI) shows the signal line and the -DI line is above 20, indicating a bearish trend. The Relative Strength Index (RSI) is far below the neutral zone, which is also a sign of a bearish bias.

The Balanced Volume (OBV) indicator is moving sideways indicating low activity, which can also be seen with the volume indicator. Furthermore, it can be seen that a few times volume spiked, as confirmed by volume indicators and OBV, the $ 8 resistance was broken. It all happens on a daily timeframe.

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Source: TradingView

Despite the disappointing price tag, the popularity and activity of has increased in many ways. Recent Santiment reports show that development activity has seen a remarkable uptrend.

Earlier this month, Polkadot's development activity surpassed that of , and Algorand. Furthermore, Polkadot also intends to support transactions on your network.

Source: Santiment

Adding options largest into additional decentralized finance applications that may have a favorable impact on development activities due to this news.

With the development of different projects on the Polkadot chain, the DOT token will definitely be used more. This can affect the price action as demand will be more due to increased usage.

Hodler DOT could see the price rise to the $ 11 zone if it can break the short and long term resistance.

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