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After a tumultuous week, buyers have once again failed to propel $DOT above $5. $DOT is trading at $4.44, up 2.5% in today’s trading.
Polkadot ($DOT) had another tough week this week, with sellers maintaining control of the market. $DOT is down 4.59% on the 7-day chart, with demand for the altcoin at lower levels.
Strong demand for $DOT remains at low levels
Polkadot ($DOT) had another tough week after dropping to the multi-year support level of $3.60 last week. On August 5, $DOT plunged to the $3.60 support level but quickly bounced back thanks to strong demand from lower levels. The strong demand pushed $DOT back above $4, reaching a weekly high of $4.88 the next day. $DOT ended the week on a weak note, closing the day at $4.50, down 5.46% on Sunday.
Polkadot ($DOT) started the week up 2% on Monday but fell again on the 13th.Day It fell to an intraday low of $4.40. $DOT bounced off the intraday low and eventually fell by 0.87%. In the Wednesday session, $DOT fell by 3.74% and the price fell below $4.50. In the Thursday session, it fell by 2.28% and the price fell to $4.28. Buying demand came in on Friday and $DOT recorded a slight increase, closing the session at $4.29. Buyers came in again on Saturday, August 17 and $DOT closed the session at $4.36.
$DOT is up 1.99% in today’s session and is trading at $4.42. Overall, $DOT is down 4.59% over the past week.
Polkadot ($DOT) demand continues to be strong at lower levels, but $DOT is unable to break $5, oscillating between $4 and $5. If demand does not change significantly, the $DOT price outlook looks set to continue this trend.
Evolution of the Polkadot Ecosystem
Despite the recent price history of Polkadot ($DOT), Polkadot has made significant progress in its ecosystem. Polkadot recently launched Polkadot 2.0, a significant upgrade that demonstrates the platform’s evolution into a highly decentralized solution for the new Internet. The upgrade includes new features and improvements that improve user experience, lower barriers to entry, and meet market demand. Polkadot is also working with web3 marketing agency Distinctive to launch a reimagined website.
The Polkadot ecosystem has also made great strides in scalability by developing asynchronous backups. Asynchronous backups allow Polkadot-based blockchains to achieve 10x throughput by combining Polkadot’s parachain consensus protocol with proof-of-validity redundancy.
Disclaimer: This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.
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