Polkadot Price Analysis: $DOT Battles to Get Ahead Despite Market Run
The crypto market has made significant strides since the recent downturn. Bitcoin has been holding strong above $65,000, and altcoins have improved markedly. While it is not trading downward, Polkadot ($DOT) battles to get ahead.
While the crypto market significantly recovers following recent losses, Polkadot ($DOT) struggles to gain ground. The cryptocurrency witnessed a volatile week, wiping out most of the gains it made the previous week.
$DOT currently trades for $6.25.
$DOT Struggles to Gain Ground
Polkadot has had a considerably volatile week, wiping out most of the ground it had made the previous week. The cryptocurrency has been unable to pass its resistance levels at $6.50. Strong resistance at $6.50 saw $DOT settle at $6.49 on Monday, and bearish pressure on Tuesday saw the cryptocurrency drop to $6.14. Demand for $DOT at a low price saw it, however settle at $6.34 on Tuesday.
Buying pressure on Wednesday tried to push the price beyond $6.50, but it was ultimately unable to do so.
Thursday’s session was yet again a volatile one. Buyers attempted to reclaim the 50-day SMA but could not. Sellers took control of the session, lowering the price to $6.09. While $DOT received severe pressure from sellers on Friday, buyers reversed the bearish sentiment and pushed the price up by 4.27%. $DOT settled at $6.35 on Friday. Saturday’s session saw buyers and sellers battle it back and forth, with $DOT ultimately settling at $6.37.
At the time of writing, $DOT traded at $6.25. $DOT is up 0.42% on the seven-day charts and 11.50% over the past month.
Bitcoin Recovers
Bitcoin ($BTC) has recovered from its recent downturn and has gained 9.8% since its local bottom nine days ago. The crypto market was knocked down significantly after the German government offloaded its Bitcoin holdings.
The government sold nearly 50,000 BTC in a very short time, which sent the market into a spiral. The world’s leading crypto appears to have absorbed the impact of the sale and continues to recover.
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.
