Polkadot ($DOT) Price Analysis: $DOT Battles to Hold its $7 Position Following Volatile Week

Polkadot began the week with a volatile session, with the price oscillating between $7.78 and $7.37 before settling at $7.63. A significant drop in the following days in a volatile market sees $DOT currently trading at $7.09. 

After starting the week positively, $DOT failed to maintain its bullish trend and currently trades at $7.09. Despite losing significant ground during the week, $DOT barely holds above $7. 

A Battle Between Buyers and Sellers

A battle between $DOT buyers and sellers resulted in a volatile trading week for the project. $DOT began the week on a high note, and a tumultuous session saw the coin reach a high of $7.78 and a low of $7.37. Polkadot managed to recover the session, settling at $7.63. After failing to maintain the $7.60 level, $DOT saw a significant drop on Tuesday, eventually settling at $7.36. Buyers appeared to regain control on Wednesday, and $DOT ended the session at $7.56, but hopes were lost on Thursday, with sellers pushing the price down to $7.17. $DOT continued its downtrend on Friday, dropping below $7 to settle at $6.97.  

$DOT regained strength on Saturday, reversing the bearish trend with the price finding support at $7 numerous times, ending the session at $6.99. Polkadot trades at $7.09, down 7.21% over the past seven days.

All in all, $DOT is at a critical juncture. If sellers push the price below $7, $DOT could drop to its $6.40 support level. If buyers regain control and $DOT remains above $7, we might be in for a potential recovery. 

Polkadot Celebrates Milestone Anniversary

On May 26, Polkadot celebrated its fourth anniversary. Since its establishment, the blockchain has become a leading network in speed and scalability, and its governance token, $DOT, remains one of the only digital assets that have not been deemed as a security by the US Securities and Exchange Commission.

After receiving the Join-Accumulate Machine (JAM) proposal in early May, the Polkadot community approved the JAM upgrade with overwhelming support from over 31 million DOT tokens. 

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.