Polkadot Price Analysis: DOT Recovers After Dropping to $3.6

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Polkadot ($DOT) regained trading above $4.6 after slipping to its multi-year support of $3.6. 

Polkadot ($DOT) resumed trading above $4.5 this week after a fleet yet dramatic visit to its multi-year support at $3.6. However, demand for DOT at a low price pushed the price above the $4 level. 

DOT Recovery In Line with Market Conditions

$DOT had a tumultuous week, plunging to its multi-year support of $3.6 on Monday.

The week kicked off with severe selling pressure, which pushed
DOT down over 10% to $4.2, with additional pressure driving the price down to a low of $3.61. Demand for $DOT, however, pushed the price back above $4, eventually closing the session at $4.21. $DOT’s support at $3.6 has been in place since October 2020, when the bottom was established.

Tuesday saw the broader crypto market recover, with $DOT following suit. In Tuesday’s session, $DOT registered an increase of 7%, closing the session at $4.51. The market improved further on Wednesday, closing the session at $4.58.

Thursday saw $DOT’s price increase to $4.8. Friday’s session saw $DOT down slightly, closing the session at $4.79. Saturday saw $DOT slip to $4.76. 

$DOT is currently down 1.63%, trading at $4.68. 

Significant Developments Despite Losses

Despite significant losses recently, Polkadot launched some exciting developments to its ecosystem.

The platform launched its redesigned website in collaboration with Web 3 marketing agency Distractive. The newly launched updated website aims to offer a more efficient and user-friendly experience, aiming to reflect Polkadot’s commitment to innovation in the Web3 space.

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