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Polkadot Price Analysis ($DOT): Crypto Market Regains Ground

Polkadot Price Analysis ($DOT): Crypto Market Regains Ground

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Polkadot has been holding strong this week, which aligns with the overall market uptick. 

The market consolidated this week, with Bitcoin and the altcoin market all gaining value. Polkadot ($DOT) remained in line with market gains, surging past $7 and its critical $7.50 price point. 

$DOT Holds Above $7 Despite Volatile Week

Polkadot gained some of its strength this week after the price fell below its crucial $7 trading level last Sunday, closing the session at $6.93. $DOT ended the previous weekend off in the red after a reasonably strong show, where the price gained 6.58% during the week.

The market, however, turned bullish this week, with $DOT increasing 9.38% on Monday, allowing it to break past several key resistance levels. $DOT reached a high of $7.60 on Monday before settling at $7.58. A volatile session on Tuesday saw $DOT drop to a low of $7.43 before buyers regained control, settling the session at $7.62. Sellers, however, took control, pushing $DOT down by 2.10% to $7.46% on Wednesday. 

$DOT witnessed the bearish sentiment continue Thursday, dropping as low as $6.91 and eventually recovering above $7, ending the session at $7.20. Polkadot’s price saw a marginal increase on Friday despite a volatile trading day. The price went as high as $7.39 and as low as $7.02 before ending the session at $7.25. 

The price managed a marginal gain on Saturday, ending the session at $7.35.

At the time of writing, $DOT was trading at $7.46, up 2.45% in the past day.

Polkadot currently registers a 6.10% 7-day increase. 

Crypto Recap

The past week saw much happen in the crypto space. The US SEC made a significant decision by approving spot Ethereum ETFs. The SEC’s approval comes as a welcome relief after intense speculation circulated the Commission was considering treating ETH as a security.

Decentralized funding protocol Polimec announced its launch on Polkadot earlier in the week. Polimec aims to provide a transparent way for projects to raise funds and issue tokens while maintaining regulatory compliance.  

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.

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