Despite a strong start, Polkadot’s ($DOT) bullish streak was short-lived as it failed to sustain its upward climb, leaving it to trade below $7 once again.
Despite a strong start last week, with a steady price above $7, $DOT has hit a roadblock and is now plummeting in the red as of Friday, May 10.
Bearish Sentiment Returns: $DOT Over The Week
Polkadot’s price took a nosedive on Friday, plunging below the critical $7 support level. This came as a shock to investors who had seen a relatively stable market since May 2nd, with a 5.51% increase and a climb above $7 and the 200-day SMA.
Despite a valiant effort to hold its ground on May 3rd and 4th, $DOT eventually succumbed to the downward pressure and closed at $7.13 on May 5th. The following day, the cryptocurrency continued its descent, dropping by 2.46% and settling at $6.98. As the week progressed, $DOT remained in the red, hitting a low of $6.98 on the 8th.
After a slight dip, Polkadot bounced back on Thursday, May 9 with a 1% surge, reaching a high of $7.05. Unfortunately, the bears took over on Friday, May 10 causing a 4.40% drop to $6.74. And the drama continued on Saturday, May 11 as $DOT was trading at $6.72. As of now, $DOT stands at $6.74, showing a slight increase from the previous day.
Polkadot Price Uncertainty
Despite its strong foundation at $7, the $DOT price has been ruthlessly pushed below its support level by relentless sellers. However, all hope is not lost as the cryptocurrency still holds a sturdy support at $6.40. But if the sellers continue their assault, $DOT could potentially plummet to this critical level. Yet, amidst the chaos, there is a glimmer of hope for a resurgence and a climb back to $7, but only if the sellers are defeated.
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Crucial Polkadot Developments
Amidst the exhilarating tug-of-war between buyers and sellers, Polkadot has once again made waves with a groundbreaking development this week. The network has successfully completed a major upgrade, unleashing the power of Asynchronous Backing to elevate its capabilities.
With this new feature, Polkadot has unlocked a new level of flexibility in blockspace allocation and overall performance. And when combined with the already impressive Elastic Scaling and Agile Coretime, the network is steadily moving towards its ultimate Polkadot 2.0 vision.
Polkaworld, a social media account focused on the Polkadot ecosystem, discussed asynchronous backing, stating:
“Asynchronous backing greatly increases the system’s flexibility and efficiency, allowing more transactions to be processed in a shorter time, thereby enhancing the overall throughput and responsiveness of the network.”
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.