YEREVAN (CoinChapter.com) — The price of Polkadot (DOT) has fallen into troubled waters following a week of an impressive rally. DOT, the network’s native token, crashed by over 10% to hit $7.70.
The 40% Polkadot (DOT) price rally
As July came to a close, Polkadot (DOT) found much-needed support from the bulls. In what became the best performance among altcoins, the token rallied over 40% between July 26-31.
#Polkadot/#DOT Well, well, well… DOT is finally taking more than a peek above the RSI horizontal resistance line trend for the past 9 months. 👀(Aside from the #BTC rally to the 200 Day in March 22') pic.twitter.com/eyJetINokz
Polkadot price analysis has turned bearish today. Despite the previous rally, the token is tanking. After reaching an intraday high of $8.66, DOT fell to $7.70.
At the time of writing, Polkadot has made slight gains from the day’s low to climb back above the $8 mark.
TradingView charts reveal DOT still faces strong resistance at the $10 mark. However, if the bulls throw their weight behind the token, it could break this level to advance higher.
DOT looks to maintain the $8 support mark to prevent a further dip. Credit: DOT/USD daily chart on TradingView
Conversely, Polkadot’s price must stay above the $8 crucial support level. If the price moves below this point, it will be forced to look for new support levels around $6.
Meanwhile, according to Piers Ridyard, the CEO of decentralized network Radix, the Polkadot ecosystem has suffered owing to the recent Nomad chain hack.
$150m bridge hack. @nomadxyz_ exploit affecting the #polkadot and #cosmos ecosystems. Root cause of hack seems to be an error in how the smart contract was upgraded. Many attackers, funds likely to be difficult to recover. Urgent need to make smart contracts safer with #Scrypto. https://t.co/AarTyjpyjL
As CoinChapter reported, hackers drained out around $190.7 million from the Nomad token bridge in a recent attack on the network. Following the hack, Nomad lost around $190 million of its TVL.
With the price of Polkadot fighting to avoid a further dip, it remains to be seen if the bulls will provide the necessary.
Yerevan-based Editor and writer focusing on topics about cryptocurrencies, NFTs, politics, and international relations. Having completed his Bachelor's and Master's degrees from Delhi's Jawaharlal Nehru University, he currently works as a reporter at CoinChapter.
Contact: [email protected]
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