Polkadot Price Analysis: $DOT Battles, but Holds its Position Above $6

Polkadot ($DOT) has faced considerable developments recently but recovered most of what it lost in the past month. At one point, $DOT traded at a low of $4.94 but clawed its way back to $6.24. 

The crypto market recently experienced a tough couple of weeks, with $BTC touching $54,000. Polkadot ($DOT) also felt the market downturn, dropping to a recent low of $4.94. The market appears to have recovered most of its lost ground, and $DOT trades above its $6 mark again. 

Market Bounces Back, For Now

The crypto market appeared to regain some of the ground it lost over recent weeks that saw bitcoin briefly tumble to $54,000. At the time of writing, $BTC traded at $59,949 after holding its position above $60,000 yesterday. Amid the recent harsh market conditions, Polkadot faced additional difficulties, including criticism over its Treasury’s high expenditure.

Market conditions coupled with Polkadot’s challenges resulted in $DOT dropping 16% over the past month this time last week. Polkadot, however, reclaimed some of its ground in the past week. Today, $DOT is up 0.46% over the 30-day chart.

$DOT opened this week’s session at $5.9, increasing to $6.27. Sellers, however, took control of the session, seeing $DOT drop below its $6 mark. Tuesday’s session, however, saw buyers take control, with the sentiment continuing throughout the week. $DOT registered a high of $6.49 this week but could not grow beyond that level. 

$DOT currently trades at $6.28, up 0.25% from this time yesterday and up 4.22% over the 7-day chart.

Snowbridge Usage Surge

Polkadot released its June 2024 report this week. The report highlights a surge in Snowbridge usage, updates to the Alpha Program and parachains and new features in its Generic Ledger app. One of Polkadot’s most noteworthy developments in June is the increasing usage of Snowbridge, the Polkadot-Ethereum bridge it launched less than a month ago. 

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. 

Credit: Source link