As a seasoned researcher with extensive experience in the cryptocurrency market, I’ve closely monitored Polkadot (DOT) over the past week and have been impressed by its resilience in the face of volatility. DOT’s recent price action has given traders and market watchers reason for optimism as it attempts to break above the crucial resistance level at $6.50.
Over the past week, Polkadot‘s price has steadily risen. It reached a daily low of $4.94 on July 5th, but has been climbing ever since.
In spite of the dramatic price swings, there’s renewed optimism among traders and observers regarding DOT. The cryptocurrency has managed to recoup earlier losses and is now eyeing a possible surge beyond $6.50.
A Bullish Week For Polkadot (DOT)
The cryptocurrency market as a whole experienced notable growth, leading DOT to surge past important resistance points towards $6.50. After dipping beneath the 20-day Simple Moving Average (SMA) on Thursday, DOT closed at $5.90. Despite encountering substantial selling pressure on Friday, it managed to rebound and surpass the 20-day SMA, ending the day at $6.11. The buying force remained dominant throughout the weekend as DOT recorded gains of 1.96% on Saturday and 1.44% on Sunday, reaching a weekend closing price of $6.32. However, despite these achievements, the pressure from the 50-day SMA has prevented further advancement.
On Monday, DOT surpassed its 50-day moving average and reached $6.49, stopping just short of a significant resistance point at $6.50. Nevertheless, sellers became more active at this price level, resulting in a drop to $6.14 on Tuesday. Despite the selling pressure, DOT managed to stay above its 20-day moving average and rose back above the 50-day moving average, closing at $6.34 for a daily loss of 2.31%. Currently, DOT is up by 2.31% as investors attempt to retest the resistance level at $6.50.
Moving forward, the recovery of DOT from $6 suggests a robust demand in the lower price range, propelling its current upward trend. If DOT manages to break through the resistance at $6.50, it may advance towards $7. However, it encounters resistance at $7.40. In contrast, if selling pressure intensifies, DOT could revert to its 20-day moving average or find support at $6.
June 2024 Report
Recently, Polkadot (DOT) released its June 2024 report, showcasing a notable increase in activity on the Snowbridge platform. The document also covered advancements in the Alpha Program and parachains, as well as new functionalities in the Generic Ledger application. Of particular note, Snowbridge – the Polkadot-Ethereum bridge that debuted roughly a month prior – has experienced a substantial rise in utilization.
As a crypto investor, I’m excited about the latest update on the Alpha Program. This program is my key to exploring innovative projects and opportunities in the blockchain space. New teams that came aboard in June are in for a treat with Substrate advisory calls and code reviews, all thanks to Blockdeep Labs joining the Alpha Program. Another significant development comes from the OpenZeppelin team, which has completed building an EVM Parachain Runtime template filled with rich features. We’ll make it publicly available after thorough auditing processes are completed.
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2024-07-17 15:02