Polkadot ($DOT) Price Analysis: $DOT Fails to Go Beyond $5
After another tumultuous week, buyers have yet again been unable to push $DOT above $5. $DOT trades at $4.44, gaining 2.5% in todays session.
Polkadot ($DOT) faced another challenging week, with sellers maintaining control over this weeks session. $DOT is down 4.59% over the seven-day charts, with solid demand for the altcoin at lower levels.
Strong Demand for $DOT At Lower Levels
Polkadot ($DOT) saw another tough week after dropping to its $3.6 multi-year support the previous week. On August 5, $DOT plunged to its $3.6 support but rebounded quickly thanks to strong lower-level demand. The strong demand pushed $DOT back above $4 to reach a weekly high of $4.88 the following day. $DOT closed the week on a bearish note, declining by 5.46% on Sunday to settle at $4.50.
Polkadot ($DOT) started the week with a 2% increase on Monday but declined again on the 13th to an intra-day low of $4.40. $DOT rebounded from its intra-day low, eventually settling at a 0.87% drop. Wednesdays session saw $DOT decline by 3.74% and its price drop below $4.50. A further 2.28% drop in Thursdays session lowered the price to $4.28. Buying demand stepped in on Friday, with $DOT registering a marginal increase to close the session at $4.29. Buyers stepped in again on Saturday, August 17, with $DOT closing the session at $4.36.
$DOT is up by 1.99% in todays session and trades for $4.42. Overall, $DOT is down by 4.59% in the past week.
The demand for Polkadot ($DOT) at lower levels continues, but $DOT has been unable to push past $5, resulting in it oscillating between $4 and $5. If demand does not change substantially, the $DOT price outlook looks to continue this trend.
Developments to the Polkadot Ecosystem
Despite Polkadots ($DOT) troublesome recent price history, Polkadot has launched significant developments in its ecosystem. Polkadot recently introduced Polkadot 2.0, a significant upgrade which sees the platform evolve into a highly decentralized solution for the new internet. The upgrade includes new features and improvements to better user experience, lower entry barriers, and align itself with market demands. Polkadot also debuts a reimaged website in collaboration with Web 3 marketing agency Distinctive.
The Polkadot ecosystem also made major strides in scalability by developing asynchronous backing. Asynchronous backing allows Polkadot-based blockchain to obtain 10x throughput via Polkadots parachain consensus protocol in combination with proof-of-validity reclaim.
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.
Read more: https://cryptodaily.co.uk/2024/08/polkadot-dot-price-analysis-dot-fails-to-go-beyond-5
Text source: Crypto Daily™
