Polkadot Price Analysis: $DOT Gains 10%, Nears $5 Mark

On Aug 25, 2024

After steady gains during the week, Polkadot ($DOT) is up over 10% and trading near the $5 mark.

Polkadot ($DOT) saw a fantastic week after a sustained downturn in which $DOT reached a multi-year low.

$DOT Gains 10%

Polkadot ($DOT) has seen a growth spurt following weeks of anguish and turmoil, which saw it reach its multi-year support of $3.61. $DOT experienced a bearish couple of months but has continued an upward trajectory and is nearing $5. $DOT has been trading the green since last Friday, driven by demand for $DOT at lower prices. $DOT closed the previous week’s session at $4.39, with buyers attempting to push the price above $4.50.

Buyers could control the session on Monday, registering a 2.05% increase, settling at $4.48. $DOT successfully reclaimed the $4.50 price level on Tuesday, registering a 0.89% increase, closing the session at $4.52.

On Wednesday, $DOT broke above the 20-day SMA (simple moving average) with a 3.32% increase. A marginal rise on Thursday pushed the price to $4.69. Friday saw $DOT close the session at $4.89. On Saturday, $DOT briefly increased beyond its $5 level, eventually closing the session at $4.98.

The current session sees $DOT down 2.71%, currently trading at $4.87.

Over the past week, $DOT has gained around 10%.

Polkadot July Recap

Despite battling to gain in price, Polkadot saw several critical updates and developments in July. Polkadot demonstrated precisely why it is regarded as one of the biggest DAOs after the number of OpenGov Referenda hit its highest level this year. Polkadot also registered considerable activity on its GigHub, and the total number of repositories within the Polkadot ecosystem now stands at 29,917.

The network registered a significant uptick in its forum activity. Along with its key developments, Polkadot introduced two new APIs in July.

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.

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