As Polkadot [DOT] feels bearish pressure, development activity to the rescue?

ambcrypto.com:

Polkadot [DOT] outperformed its competitors in terms of development activity. On 21 March, popular Twitter account ProofofGitHub revealed that DOT topped the list of cryptos by daily development activity. 

#1: 851 Polkadot / Kusama #2: 686 Internet Computer #3: 583 ChainLink #4: 582 Hedera #5: 493 Cosmos #6: 479 Cardano #7: 404 Status #8: 389 Decentraland #9: 331 Optimism #10: 325 Ethereum pic.twitter.com/z5bmh4oj7W

— ProofofGitHub (@ProofofGitHub) March 21, 2023

Read Polkadot’s [DOT] Price Prediction 2023-24

Not only this, but Santiment’s chart also suggested a similar growth as Polkadot’s development activity graph increased considerably over the last seven days. 

Source: Santiment

However, DOT did not correspond to this development, as its weekly chart was painted red. As per CoinMarketCap, DOT’s price declined by over 5% in the last 24 hours, and at the time of writing, it was trading at $6.12 with a market capitalization of more than $7.1 billion. 

While most of the cryptos enjoyed the consequences of a bullish market last week,  DOT did not gain much momentum. The Bollinger Bands revealed that DOT’s price was in a less volatile zone, contributing to its dormant price action.

Moreover, the blockchain’s Relative Strength Index (RSI) and Chaikin Money Flow (CMF) registered declines, which was a bearish development. However, the future might look good for DOT as its Money Flow Index (MFI) recently registered an uptick. The MACD revealed a bullish advantage in the market, which can help the token increase its price. 

Source: TradingView

While Polkadot’s price action slowed down last week, quite a few developments happened over the last few days that had