Polkadot ended one of the volatile weeks in the crypto work by retesting the support level near $7. This steady level has protected DOT from plummeting as most large-cap cryptos. Meanwhile, Polkadot is one of the top digital assets with the least weakly loss.
While writing this news, the alt traded near $7.18, following a 5.71% surge within the past day. The latest leg-up lowered its weekly declines to 6.71%. Nevertheless, that’s a slight loss compared to other leading cryptos, with some losing over 20% within the past seven days.
The past couple of days had Polkadot consolidating around the $7 mark. That saw its traversing levels seen during the May crash bottom. Also, that shows the support floor held to prevent further price crashes.
The possible reason behind the support’s strength is the notable surge in accumulation around this area. Polkadot’s Relative Strength Index confirmed faded selling momentum around the support territory. Also, the level serves as an accumulation region when DOT price dipped inside the oversold territory on Monday.
Low Buying Pressure Limiting Upside
Polkadot only recorded a minor upside amid ongoing market conditions. Though the altcoin seems not to have seen substantial selling momentum, it also couldn’t gather adequate buying strength to back massive upside.
Meanwhile, the whale supply metric shows top holders’ accumulations around the $7 foothold. While publishing this blog, it stayed at 44.91%, climbing from the June 16 level of 44.45%.
Moreover, the alternative token recorded a substantial surge within the past two days. Also, volume surged during that timeframe. That matches the accumulation around support.
Meanwhile, bears have dominated the marketplace, limiting any possible upsurge due to escalated FUD levels. Bulls need massive strength to shift trends in the near term.
Polkadot’s steady support means a healthy signal of the ongoing trader sentiment about the alt’s current price. This level could offer a ramp that supports price bounce. Nevertheless, that doesn’t assure the marketplace won’t see more sell momentum in the coming days, possibly triggering more declines.
Broad market sentiment remains crucial for Polkadot. For that reason, enthusiasts should watch the overall market and BTC action for profitable decisions.