Polkadot Price Analysis: $DOT Likely to Close in the Red

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As an analyst with over a decade of experience in the crypto market, I’ve seen my fair share of ups and downs. Looking at Polkadot ($DOT) right now, it seems we’re in another period of struggle. Despite the brief recovery from its low of $3.98, $DOT has failed to maintain momentum above the crucial resistance level of $4.50.

As an analyst, I predict that Polkadot ($DOT) will close today in the negative, following a turbulent week marked by a plunge to a low of $3.98. However, it’s worth noting that $DOT has managed to rebound from its lowest point and is currently trading at $4.32.

Currently, Polkadot ($DOT) is priced at $4.32, having dipped as low as $3.98 earlier this week. Despite a strong attempt to regain its lost positions, $DOT couldn’t manage to surpass the $4.50 mark on Friday, even reaching as high as $4.49.

$DOT Trades in the Red

Due to a tough battle between buyers and sellers throughout the week, DOT is currently trading in the negative. It appears that Polkadot might end the week with losses as buyers have been unable to dominate the market’s flow. On Sunday, the altcoin experienced a dip of 0.90%, closing at $4.40. The downtrend continued on Monday when DOT dropped by 4.55%, falling below its 20-day Simple Moving Average (SMA) to settle at $4.20. On Tuesday, buyers regained control and lifted DOT above the 20-day SMA, but they lost ground later in the session, causing DOT to fall back below its 20-day SMA and close at $4.16.

On Wednesday, significant buying pressure pushed DOT down towards its support level, reaching a weekly low of $3.98. Yet, solid interest from buyers enabled them to regain control, causing DOT to rise once more and ultimately end the day at $4.17.

On Thursday, the slight upward trend from Wednesday enabled purchasers to elevate $DOT over its 20-day Simple Moving Average (SMA), resulting in a 2.16% rise.

$DOT Attempts to Move Above $4.50

On Friday, buyers made an effort to elevate $DOT above $4.50, but they were unable to sustain the momentum. The day’s trading saw $DOT reach a peak of $4.49, only for sellers to regain control, causing $DOT to dip below its 50-day Simple Moving Average (SMA), ending the session at $4.34. On Saturday, buyers attempted a comeback, with $DOT rising throughout the day and closing at $4.46. However, sellers managed to block the recovery efforts, resulting in a 1.89% decrease for $DOT during the current trading session.

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During the past week, there was an increase in Polkdot’s price following their announcement of Agile Coretime – a new technology that enhances the efficiency, scalability, and adaptability of the Polkadot system while making it easier for developers to get involved.

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2024-09-23 00:14