Polkadot ($DOT) Continues Battle to Remain Above $7

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Polkadot is battling it against the market, recovering momentum this week following a prolonged downward trajectory. $DOT began trading above $7 this week and appears to hold its position. 

$DOT has been battling against a prolonged downward trajectory after it reached its yearly high in March 2024. Since reaching $11.55 on March 14th, Polkadot has lost around 40%. $DOT recorded a significant increase this week and is trading above $7 again. 

Recovery or Fleeting Relief?

$DOT regained significantly on Wednesday and Thursday and traded above $7 again. Polkadot saw a rebound on Wednesday, gaining 7.48% to reach $6.80, followed by an additional increase of 5.65% on Thursday, finally settling on $7.29. $DOT remained above $7 on Friday and Saturday and is currently trading at $7.07.

Despite the price dipping on Saturday, $DOT is up 3.74% over the past seven days. Does $DOT’s three-day run signal a potential recovery, or is this a fleeting moment of relief?

7-Day Polkadot Update

Polkadot is coming off a string of developments following an announcement from Web3 development platform Moralis saying it added support for Moonbeam Network. Moonbeam is one of Polkadot’s highly successful parachains and is the go-to destination for multi-chain apps on Polkadot across its Application Programming Interface (API).

Polkadot parachains are specialized blockchains that allow the Polkadot Blockchain to communicate and operate in a secure and trust-free environment, optimizing Polkadot for better scalability. 

Acala, a foundational platform within the Polkadot ecosystem, unveiled its Sinai Upgrade, which is set to enhance the platform’s multichain capabilities.

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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I am involved in a variety of different fields including social media marketing, cryptocurrencies, the fashion industry, and psychological research. I have completed an undergraduate degree in Industrial Sociology and Labour Studies, majoring in Sociology, Anthropology, and Psychology, and a postgraduate degree in Applied Psychology for Professional Contexts. My passions lie in cooking, cryptocurrencies, studying human behaviour, teaching English as a foreign language, and researching digital consumer psychology.