Polkadot (DOT) has been on a consistent upward trajectory over the past week, having been on the up since hitting an intra-day low of $4.94 on July 5.
Despite experiencing significant volatility, DOT’s recent price action has made traders and market watchers hopeful. The cryptocurrency has clawed back previous losses as it prepares for a potential break above $6.50.
A Bullish Week For Polkadot (DOT)
With the rest of the cryptocurrency market registering significant gains, DOT has also picked up, pushing above crucial resistance levels as it eyes a move above $6.50. DOT dipped below the 20-day SMA on Thursday, settling at $5.90. It quickly recovered on Friday despite facing significant selling pressure to move back above the 20-day SMA and settle at $6.11. Buyers retained control of the market over the weekend, as DOT registered an increase of 1.96% on Saturday and 1.44% on Sunday to end the weekend on a positive note at $6.32. However, with the 50-day SMA bearing down, DOT was unable to push higher.
Source: TradingView
That happened on Monday as DOT surged past the 50-day SMA and moved to $6.49, settling just below a crucial resistance level at $6.50. However, with sellers active at this level, DOT fell back into the red on Tuesday, with the asset facing significant selling pressure. Sellers managed to push DOT to a low of $6.14. However, with demand at lower levels, DOT was able to stay above the 20-day SMA and push above the 50-day SMA to settle at $6.34, a decline of 2.31%. The current session sees DOT up by 2.31% as buyers look to test the $6.50 level once again.
So, where does DOT go from here? DOT’s rebound from $6 indicates strong demand at lower levels, fueling its current surge. If DOT can push above $6.50, it could move towards $7. It also faces resistance at $7.40. However, should sellers retake control of the market, DOT could drop back towards the 20-day SMA or its support at $6.
June 2024 Report
Polkadot (DOT) recently published its June 2024 report, highlighting a significant surge in Snowbridge usage. The report also highlighted major updates on the Alpha Program and parachains and new features in the Generic Ledger app. The report noted that Snowbridge, a Polkadot-Ethereum bridge launched just under a month ago, has registered a significant surge in usage.
The report’s update on the Alpha Program. The Alpha Program is designed to be a gateway to exciting developmental opportunities. New teams that joined in June will have the chance to benefit from Substrate advisory calls and code reviews thanks to the addition of Blockdeep Labs to the Alpha Program. Another important update involves the OpenZeppelin team, which has concluded the development of a feature-rich EVM Parachain Runtime template, which will be published after being audited.
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.
