Another tumble block for Polkadot (DOT) as its price fell more than 10% to $7.70 after closing July with a bang. Additionally, the DOT appears to hold the support zone above $8, especially as the coin will encounter hurdles at $10.
Just when he thought he was on his way to the home run, the ETH killer succumbed and crashed after wowing everyone with an impressive bull run. More so, Polkadot was considered to have a bearish move and fell to $7.70.
DOT price climbs 12% then drops 10% overnight
As July drew to a close, DOT enjoyed support from the bulls. Dubbed the best performer among all altcoins, DOT is gaining over 40% as seen from July 26-31 showing five successive green candles. Impressively, the powerful performance of DOT helped the coin break through previous resistance levels.
Data from CoinMarketCap shows that DOT was able to rebound from an intraday low on July 26 that recorded at $6.53, reaching $9.21 on July 31.
DOT price climbed 12% on August 1, but reached a turning point on the road and fell flat 10%.
DOT makes gains at $8.22
As of this writing, DOT was able to recover and made gains to $8.22, which shows a price pump of 4.72% according to CoinMarketCap’s daily chart. Despite the gains, DOT faces hurdles at $10. It is believed that if the bulls push harder, it could break above the current level and worsen further.
The DOT appears to be putting a hold on the $8 support zone to stop further decline. During this time, the DOT price should stay afloat or above the critical support level of $8, because if it breaks below this zone, the coin will have to aim for a lower support level or around $6.
According to Piers Ridyard, CEO of Radix, Polkadot was negatively impacted by the recent attack on the Nomad channel which cost around $190.7 million. Therefore, after the attack, Nomad was crippled and lost around $190 million from TVL.
As DOT price tries to brave the current and deter further decline, others can anticipate whether the bulls will give DOT the necessary boost to ride it in the coming days.
DOT total market cap at $8.07 billion on the daily chart | Source: TradingView.com Featured image from PreventionWeb.net, chart from TradingView.com