As a seasoned crypto investor with battle scars from countless market swings and trends, I find myself intrigued by Polkadot (DOT) once again. Last week, it was a rollercoaster ride as DOT danced around the $5 mark, only to be pushed back down towards $4.50.
On Monday, there was a significant decrease in the value of Polkadot (DOT). This downward trend was influenced by the general market mood and DOT’s recent bearish path, causing it to start the week with a nearly 7% drop.
Nevertheless, DOT has regained ground during the current trading session as investors have been purchasing near its 50-day Simple Moving Average (SMA). This digital currency boasts a robust level of support approximately at $4.50, which is helping to curb any additional price drops.
Polkadot (DOT)’s Ascent To $5
Last week, Polkadot showed a very optimistic trend and maintained a generally favorable stance since it recovered from a low of $3.98 on September 18. The following Monday, DOT moved above its 50-day Simple Moving Average (SMA) after a 3.38% increase, ending the day at $4.46. The positive momentum continued on Tuesday as DOT surpassed the significant level of $4.50 and closed at $4.64. On Wednesday, DOT experienced high volatility as both buyers and sellers fought for control, but neither managed to significantly impact the price, with DOT remaining at $4.64. The bullish sentiment returned on Thursday as DOT saw a 3.66% increase and closed at $4.81. On Friday, DOT made an attempt to break through the $5 mark, reaching an intraday high of $4.97. However, sellers were active at this level, causing buyers to lose momentum, and DOT ended the day at $4.89 after a 1.66% increase.
The Descent Back To $4.50
When the selling force was substantial at $5, buyers were overpowered, leading DOT to slide into a loss, a common occurrence when it reached this price level, having been rejected on two previous occasions. On Saturday, DOT dipped by 2.04%, reaching $4.79, and continued its descent by 0.42% on Sunday, ending the weekend at $4.77. The bearish sentiment grew stronger on Monday as DOT started the new week with a significant drop of nearly 7%, pushing the price below $4.50 to $4.44, as overall crypto market sentiments turned unfavorable. However, during the current trading session, DOT has bounced back, increasing by almost 2%, now trading at $4.52.
What Next For Polkadot (DOT)?
Will DOT dip below $4.50 or regain momentum towards $5? DOT has a solid support near $4.50, making it challenging for sellers to drive the price below this point. However, if buyers manage to build up strength, there’s a possibility that DOT may bounce back to $5. The question is whether it can surpass $5 again, which remains uncertain at this point.
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2024-10-01 15:09