The crypto market suffered a severe knock over the past weeks, with Bitcoin ($BTC) briefly dropping to $54,000. Altcoins have followed suit, with Polkadot, Solana, and Ethereum losing ground.
The cryptocurrency market has experienced severe difficulties in recent weeks, with Bitcoin and alts reaching their recent lows. Amid harsh market conditions, Polkadot attracted criticism for its early 2024 spending. Market conditions, coupled with concerns over the Polkadot Treasury’s high expenditure, resulted in Polkadot ($DOT) dropping 16% over the past month.
Polkadot Rebounds
Last week, Polkadot (DOT) recovered some of what it had lost in the week before trade above its crucial $6 mark. After ending Sunday’s trading session above its critical price, $DOT encountered considerable selling pressure. Despite the significant pressure, #DOT maintained its upward trajectory, rising to $6.52 on Tuesday. $DOT, however, encountered increased selling pressure, resulting in $DOT dropping by nearly 7% on Wednesday, which ended the session at just above $6.
Thursday saw sellers continue their hold over the market, resulting in DOT declining by 8.57%. Thursday’s session forced DOT below $6, eventually settling at $5.55.
On Friday, DOT lost its support at $5.50, briefly touching $4.92. Strong buying demand at the recent lows pushed DOT back above $5. DOT finally settled Friday’s session at $5.7. Buyers’ demand continued throughout Saturday’s session, driving DOT past its $6 level, eventually ending the session at $6.20.