Polkadot Price Analysis: $DOT Battles to Get Ahead Despite Market Run

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As a seasoned crypto investor, I’ve seen my fair share of market volatility and price swings. The recent downturn in the market was no exception, with Bitcoin taking a hit after the German government’s sudden sale of its Bitcoin holdings. It was a tough week for investors, but I remained cautiously optimistic as Bitcoin showed signs of recovery.

The cryptocurrency market has experienced noticeable progress following its latest slump. Bitcoin remains steadfast above $65,000, while altcoins have shown remarkable gains. Polkadot ($DOT), however, is fighting to surpass current levels.

As the crypto market bounces back from its latest setbacks, Polkadot ($DOT) faces challenges in regaining momentum. Last week saw erratic price fluctuations for this cryptocurrency, erasing the majority of the progress it had achieved the week prior.

$DOT currently trades for $6.25. 

$DOT Struggles to Gain Ground

Polkadot experienced significant price fluctuations this week, erasing much of its gains from the previous period. The digital currency failed to surmount the resistance threshold at $6.50. A formidable resistance level at $6.50 caused Polkadot to close at $6.49 on Monday. Bearish market conditions on Tuesday pushed the cryptocurrency down to a low of $6.14. However, demand for $DOT at a lower price point resulted in a rebound to $6.34 by Tuesday’s end.

On Wednesday, purchasing forces made an effort to drive the price above $6.50, yet they failed to achieve this goal.

On Thursdays trading, the market was once again marked by significant price swings. Buyers made an attempt to regain control over the 50-day Simple Moving Average (SMA), but were unsuccessful. Instead, sellers took charge and drove down the price to $6.09. Conversely, on Fridays session, sellers put intense pressure on $DOT, causing a steep decline. However, buyers rallied and managed to turn the tide, raising the price by 4.27% to $6.35. During Saturdays trading, both buyers and sellers engaged in intense bidding wars, resulting in a final settlement price of $6.37 for $DOT.

Currently, the price of $DOT is at $6.25 in my current write-up. Over the last week, $DOT has experienced a 0.42% increase. Within the past month, there’s been a noteworthy surge of 11.50% in its value.

Bitcoin Recovers

Bitcoin, worth $BTC, bounced back from its latest slump and registered a 9.8% increase in value over the past nine days following its low point. The crypto market took a hit when news broke about the German government selling off their Bitcoins.

Approximately 50,000 Bitcoins were swiftly offloaded by the government, causing a significant downturn in the cryptocurrency market. However, Bitcoin, being the dominant crypto, has seemingly weathered this sale’s effects and is currently in the process of regaining its footing.

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2024-07-21 20:13