Polkadot’s (DOT) price dropped by more than 10% to $7.70, after close of July with flying colors. DOT appears to be holding onto the $8 support zone, especially since the coin faces hurdles at $10.
The ETH killer lost its lead just as it seemed certain it would score the winning run. Polkadot showed a bearish trend and dropped to $7.70.
In the overnight, DOT price spikes by 12% and then drops 10%
As July neared its close, DOT had support from the bulls. DOT, the most popular altcoin, is currently winning more than 40%. It has five consecutive green candles and it can be seen that they are leading all coins. Impressively, DOT’s powerful performance helped the coin tick off previous resistance levels.
CoinMarketCap data indicates that DOT rebounded from a July 26 intraday low of $6.53, jumping as high as $8.21 on July 31.
August 1: The price of DOT rose by 12%, but then the roads hit a turning point and it fell by 10%.
The DOT is Making some Gains Starting at $8.22
DOT has made gains at $8.22 as of the writing of this article. This price shows a pump of 4.72% per CoinMarketCap’s daily chart. DOT still faces hurdles of $10 despite its gains. If the bulls push harder, it may surpass the level currently and increase.
The $8 support area seems to be held by DOT to prevent further fall. The DOT price must remain above $8 as the support zone. If it falls below this level, then the coin will need to aim for $6 or lower.
Piers Ridyard (Radix CEO), stated that Polkadot suffered from the Nomad attack which cost the chain $190.7million. Nomad lost $190million of TVL after the attack.
The DOT price is trying to withstand the current, and prevent a further fall. Others can predict if the bulls will provide DOT with the necessary push to wing its way in the coming days.
Source: TradingView.com| Source: TradingView.com Featured image taken from PreventionWeb.net. Chart from TradingView.com.