Polkadot Price Analysis: $DOT Unable to Gain Momentum

Polkadot ($DOT) has not followed in Bitcoin ($BTC) and the altcoin market’s recent recovery, struggling to stray above its crucial $6 mark. $DOT currently trades at $5.70. 

While the crypto market at large seems to have recovered from recent downturns, $DOT has not been able to capitalize on the gains. Investors appear to have lost interest, with $DOT unable to gain enough ground to surpass the $6 level. 

Market Interest Declines

Polkadot ($DOT) has lost significant ground over the past week and is down over 7% in the seven-day charts. Market interest appears to have declined, and concerns have been raised over $DOT’s price while it continues to trade below $6. Despite settling the previous week at a moderate $6.44 in the face of significant selling pressure, $DOT could not maintain this trend.

A Week in $DOT

On Monday, $DOT registered a significant drop, declining by 5.28% to end the session at $6.10. Pressure from sellers pushed $DOT down further on Tuesday, with its price eventually slipping below the $6 level. The bearish trend maintained throughout Wednesday, with $DOT dropping by 2.87% to $5.75. 

Thursday saw broader market downturns, with $DOT eventually slipping to $5.50. A dramatic change of events saw $DOT recover, eventually ending the session in the green. Friday’s session saw $DOT gain some ground to close the session at $5.84. Saturday did not see a significant change in sentiment, with $DOT eventually settling at $5.87, a marginal increase from the previous day. 

Today’s session shows that $DOT continues its downward trend. $DOT currently trades at $5.72.  

Polkadot is down almost 9% over the 30-day chart.

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.