As a seasoned crypto investor with a knack for spotting trends and a portfolio brimming with digital gems, I must say that Polkadot ($DOT) has been quite the rollercoaster ride this week. After an exhilarating bull run pushing $DOT to the coveted $5 level, it’s disheartening to see the current dip. However, my years in this market have taught me that every coin has its ups and downs, much like a rollercoaster.
After a highly optimistic week, Polkadot‘s ($DOT) trading is currently in the negative territory. $DOT had an impressive surge to hit the significant $5 mark, but its momentum seems to have halted. Regardless of falling short at this level, $DOT has still managed to increase by more than 10% over the past week.
In the present trading session, $DOT is experiencing a downturn, following a highly optimistic week. Last week, $DOT advanced significantly towards the $4.50 mark; however, it failed to maintain that momentum, ending the week at $4.31. To start this new week, $DOT saw a 3.48% rise and moved above its 50-day Simple Moving Average (SMA).
A Very Bullish Week for $DOT
Previously, DOT struggled to maintain its position in the green but managed to push up to around $4.50. On Friday (20 September), it came close to achieving this level, climbing as high as $4.49, yet it failed to reach the mark. Over the weekend, the price fell significantly, eventually closing the week at $4.31, representing a 3.26% decrease from its previous close.
Polkadot ($DOT) Reaches $4.50
To kick off the current week, $DOT experienced a strong bullish surge. On Monday, $DOT saw a 3.48% growth, surpassing its 50-day Simple Moving Average and closing at $4.46. The price of $DOT further escalated on Tuesday, soaring beyond $4.50 and ending the day at $4.64 following a 4.04% increase.
On Wednesday, the price of $DOT experienced a turbulent period where sellers attempted to dip it under $4.50 following a peak at $4.77. Yet, buyers stepped in and managed to keep the price of $DOT steady at $4.64 despite these selling efforts.
Market Sentiment Turns Positive
Sentiment rose on Thursday which saw the entire market rally. Polkadot ($DOT) followed suit, gaining almost 4% and pushing $DOT to $4.81, and optimistic onlookers expected $DOT to break above $5. On Friday, Polkadot ($DOT) tested resistance at $5, and it rose to a day high of $4.96. $DOT could not continue its upward trend, closing the session at $4.89.
Sellers Thwart Progress
On Saturday, the price of $DOT experienced a decline as purchasing power waned and sellers dominated the market. By the end of the day, $DOT dropped to $4.80. In the present trading session, $DOT is also showing a downward trend, currently decreasing by 0.89% and valued at $4.77.
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2024-09-29 20:15