Polkadot Price Recap: $DOT Trades Back Above $7

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As a seasoned crypto investor, I’ve seen my fair share of market volatility and price swings. With Polkadot ($DOT), the battle to maintain a foothold above the $7 mark continues to be a rollercoaster ride.

As a market analyst, I’ve noticed that Polkadot ($DOT) has been putting up a fight to stay above the $7 threshold throughout the current week. At the start of this week, the value of $DOT dipped below its support level but managed to rebound with a 4% growth over the past seven days.

The fight remains intense as Polkadot attempts to regain its footing and rise above the $7 mark. Over the past week, the digital currency has made notable progress, increasing by 4.08%, reaching a price of $7.02.

Polkadot ($DOT) Barely Maintains Recovery

As a researcher studying the price movements of DOT, I’ve observed that at the beginning of the week, the cryptocurrency was hovering near its bearish support level of $6.40. However, by the end of the week, DOT had managed to bounce back and trade above $7. The first day of the week brought volatile trading, with DOT fluctuating between $6.48 and $6.83. The price finally settled at $6.67 on Monday. On Tuesday, sellers took control, causing a nearly 3% decrease in the price to reach $6.48. But on Wednesday, DOT rebounded from its support level.

The cost of DOT surpassed $7 and reached a peak of $7.03 during Friday’s trading. On Friday, the price closed higher at $7.20, while it finished nearly at the same level on Saturday.

As a researcher observing the cryptocurrency market on Sunday, I noted that the sellers seemed to be in the driver’s seat. The price of $DOT fluctuated between $7.00 and $6.99, representing a decline of 2.45%.

User Engagement at a Record High

As a crypto investor, I’ve noticed an impressive surge in $DOT‘s price this week. What caught my attention was the skyrocketing user engagement and heightened activity on the Polkadot network. In fact, the number of active addresses hit an all-time high for the second month in a row, reaching over 650,000 by the end of April – a substantial increase compared to the previous month.

The rise in active addresses is attributed to Polkadot’s parachain, Moonbeam. 

As a crypto investor, I’m thrilled about Polkadot’s recent successes, which have paved the way for exciting collaborations. I’m particularly excited about the recent announcement from the Founder Institute. They revealed that they will be partnering strategically with Polkadot to spearhead the first Web3 cohort in their Core Program. This partnership is a significant step forward, reflecting the growing importance of Polkadot and the broader Web3 ecosystem.

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2024-05-19 22:03