Polkadot ($DOT) Price Analysis: $DOT Battles to Hold its $7 Position Following Volatile Week



photo 2024 06 02%2017.15.39

Polkadot began the week with a volatile session, with the price oscillating between $7.78 and $7.37 before settling at $7.63. A significant drop in the following days in a volatile market sees $DOT currently trading at $7.09. 

After starting the week positively, $DOT failed to maintain its bullish trend and currently trades at $7.09. Despite losing significant ground during the week, $DOT barely holds above $7. 

A Battle Between Buyers and Sellers

A battle between $DOT buyers and sellers resulted in a volatile trading week for the project. $DOT began the week on a high note, and a tumultuous session saw the coin reach a high of $7.78 and a low of $7.37. Polkadot managed to recover the session, settling at $7.63. After failing to maintain the $7.60 level, $DOT saw a significant drop on Tuesday, eventually settling at $7.36. Buyers appeared to regain control on Wednesday, and $DOT ended the session at $7.56, but hopes were lost on Thursday, with sellers pushing the price down to $7.17. $DOT continued its downtrend on Friday, dropping below $7 to settle at $6.97.  

$DOT regained strength on Saturday, reversing the bearish trend with the price finding support at $7 numerous times, ending the session at $6.99. Polkadot trades at $7.09, down 7.21% over the past seven days.

All in all, $DOT is at a critical juncture. If sellers push the price below $7, $DOT could drop to its $6.40 support level. If buyers regain control and $DOT remains above $7, we might be in for a potential recovery. 

Polkadot Celebrates Milestone Anniversary

On May 26, Polkadot celebrated its fourth anniversary. Since its establishment, the blockchain has become a leading network in speed and scalability, and its governance token, $DOT, remains one of the only digital assets that have not been deemed as a security by the US Securities and Exchange Commission.

After receiving the Join-Accumulate Machine (JAM) proposal in early May, the Polkadot community approved the JAM upgrade with overwhelming support from over 31 million DOT tokens. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.



Source link

About The Author

Scroll to Top