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The Polkadot (DOT) price has been on a downward trajectory for a fair amount of time. However, it has found strong and consistent support at $6.40 during this time, indicating that the price may have bottomed.

According to a Messari report, the Polkadot (DOT) blockchain protocol made significant progress in the first quarter (Q1) of the year in terms of market capitalization, revenue, and Cross-Consensus Message Format (XCM) activity, as well as a record increase in daily active addresses. DOT's Market Cap Surges 16% QoQ During Q4 2023, Polkadot's market capitalization experienced a notable 111% quarter-on-quarter (QoQ) increase, reaching $8.4 billion.

All but four cryptos in the CoinDesk 20 posted losses over the last week, led by declines in NEAR, BCH, and DOGE.

This week, we take a closer look at Ethereum, Ripple, Cardano, Shiba Inu, and Polkadot. Ethereum (ETH) Ethereum broke under $3,000 and closes this week with a 5% loss.

Polkadot's ecosystem recorded massive growth across major metrics during the first quarter of the year, according to a Messari report. During this period, the market cap of Polkadot's native DOT token rose to $12.7 billion from the $8.4 billion recorded in the last quarter of 2023.

Polkadot's price has been on the decline for a while now, since reversing to the downside in March, Yet, the market might recover soon. Technical Analysis By TradingRage The Daily Chart On the daily chart, DOT's price has been making lower highs and lows since being rejected from the $12 resistance level.

Polkadot recorded a quarter-over-quarter decline in revenue in Q1, despite the increase in its usage during that period.

Polkadot founder Gavin Wood sat down for an hour-long podcast to answer questions about the network's JAM upgrade.

Web3 development platform Moralis announced it had added support for Moonbeam Network, the go-to destination for multi-chain applications on Polkadot across its Application Programming Interface (API).

Polkadot decoupled from the bearish market trend as its value surged by more than 5% in the last 24 hours.

Web 3 development platform Moralis said it has added support for Polkadot's parachain Moonbeam Network across its Application Programming Interface (API) suite, according to a press statement shared with CryptoSlate. Moralis helps developers solve issues they face when transitioning from Web2 systems to decentralized blockchain apps through its APIs.

Kusama, Polkadot's canary network, recently marked a significant milestone by selling its inaugural batch of Agile Coretime. Reports revealed that three cores were sold for a total of 70 KSM, worth approximately $1,980—each core was sold at an average price of 23.4 KSM, roughly $660.

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There are plenty of options when it comes to storing Polkadot, each with its own unique features and pros and cons.

Ranking amongst the top performers, Polkadot shows a promising recovery opportunity as it overcomes the supply surge. With a bullish turnaround possibility, the DOT price is slowly gaining momentum and the attention of market bulls. As the altcoins are suffering to halt the downtrend, the DOT price is ready for an ascension.

In a momentous event that heralds a new era for Polkadot, Kusama, its test network, sold all three cores in its first Agile Coretime sale, as reported on April 30.

Is Polkadot a good investment now? Let's check up on its potential in the Web3 landscape.

Polkadot's price has been dropping rapidly over the last couple of months and is yet to show any sign of slowing down. However, the cryptocurrency might soon begin a bullish rebound.

As May 2024 unfolds, the cryptocurrency market continues to feel the ripple effects of the Bitcoin (BTC) halving event from April, traditionally a bullish catalyst for both Bitcoin and the broader cryptocurrency landscape.

Polkadot (DOT) staking is an excellent option for users who want to earn a passive reward/income on their long-term holdings.

Polkadot (DOT) is showing bearish signs below the $8 resistance against the US Dollar. The price could extend its decline if it fails to stay above $6.00.

After dropping below the crucial 200-day SMA, which was acting as support, DOT has managed to find support at the $6.40 mark and consolidate near this level.

Polkadot-related Peaq, a layer-1 blockchain network tailored for Decentralized Physical Infrastructure (DePIN) and Real-World Assets (RWAs), saw adoption from two major DePIN projects, MapMetrics and Natix Network, last week.

Inflows into the Newborn Nine ETFs fell by more than 50% during the past week to $126 million from $254 million, according to CoinShares weekly report. Per the report, these reduced inflows contributed to the third consecutive week's outflow of $435 million—the largest outflow since March—that major crypto-related investment products recorded during the week.