Polkadot Loses Steam As DOT Sheds 10% After Weekly Gains
04 August 2022 - 1:09AM
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Another tumbling block for Polkadot (DOT) as its price has declined
by over 10% touching $7.70 after closing July in flying colors.
Further, DOT seems to hold on to the support zone above $8
especially as the coin will encounter hurdles at $10. Just when it
thought it was bound for the home run, the ETH killer succumbed and
slumped after wowing everyone with an impressive bullish streak.
More so, Polkadot was seen to have a bearish movement and has
tanked to $7.70. DOT Price Spikes 12% Then Drops 10% Overnight As
July was nearing its end, DOT harbored support coming from the
bulls. Dubbed the top performer among all altcoins, DOT is winning
by over 40% as seen from July 26 to 31 showing five successive
green candles. Impressively, DOT’s powerful performance helped the
coin tick off previous resistance levels. CoinMarketCap data shows
that DOT was able to bounce back from an intraday low on July 26
that registered at $6.53 jumping to as high as $9.21 by July 31.
DOT price soared by 12% on August 1 but hit a juncture on the road
and fell flat by 10%. DOT Making Some Gains at $8.22 As of this
writing, DOT was able to recover and made some gains seen at $8.22
which shows a price pump of 4.72% according to the CoinMarketCap
daily chart. Despite the gains, DOT is facing hurdles at $10. It is
believed that if the bulls pushed harder, it could breach the
current level and escalate further. DOT seems to be putting a tight
grip on the $8 support zone to stop further decline. Meanwhile, the
DOT price should stay afloat or above the critical support level of
$8 because if it inches below that zone, the coin will have to
target a lower support level or around $6. According to Piers
Ridyard, Radix CEO, Polkadot was negatively impacted by the recent
attack on the Nomad chain which took out a sum of roughly $190.7
million. Consequently, after the attack, Nomad was crippled and
lost roughly $190 million of TVL. With DOT price trying to
brave the current and deter a further decline, the rest can
anticipate if the bulls will give DOT the needed push to wing it in
the next coming days. DOT total market cap at $8.07 billion
on the daily chart | Source: TradingView.com Featured image from
PreventionWeb.net, chart from TradingView.com
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