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

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.