Polkadot ($DOT) continues the battle to keep above the $7 mark. $DOT started the week off trading below its support level, regaining its strength to gain 4% over the past week.
The battle continues as Polkadot claws its way back to trade above $7. The coin saw a good week, gaining 4.08% in the past seven days, at $7.02.
Polkadot ($DOT) Barely Maintains Recovery
After starting the week close to its bearish support level of $6.40, $DOT managed to recover over the week to trade above $7. The week started with a volatile session in which $DOT traded between $6.48 and $6.83. Monday’s session eventually settled at $6.67. Sellers took control of the price on Tuesday, pushing $DOT down by almost 3% to $6.48. The Wednesday session saw $DOT rebound from its support level.
DOT’s price rose above the $7 mark, settling at $7.03. Friday’s session saw the price settle higher at $7.20, with Saturday’s session ending around a similar price.
On Sunday, sellers appeared to gain control, with $DOT hovering between $7.00 and $6.99, dropping by 2.45%.
User Engagement at a Record High
$DOT’s upward momentum this week appeared to be spurred by high user engagement and activity on Polkadot, with active address hutting an all-time high for a second consecutive month. By the end of April, the network recorded 650,000 active addresses, significantly higher than in March.
The rise in active addresses is attributed to Polkadot’s parachain, Moonbeam.
Polkadot’s good week has further driven an announcement by the Founder Institute. The Founder Institute announced it entered a strategic partnership with Polkadot to lead the first Web3 cohort within its Core Program.
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.
