As a seasoned researcher with years of experience navigating the cryptocurrency market, I must say that watching Polkadot ($DOT) dance between bull and bear is akin to watching a rollercoaster on a windy day – exhilarating yet nerve-wracking!
Despite a bearish trend last week that saw Polkadot‘s price dip to $3.99 on Thursday, it successfully maintained its standing above the $4 mark.
Polkadot ($DOT) ended the week above $4 despite a bearish week, which saw $DOT dip to a weekly low of $3.99 on Thursday. $DOT’s disappointing performance comes after a bullish week prior.
$DOT Struggles in a Bearish Week
Last week, Polkadot’s token, DOT, showed a bullish trend, peaking at $4.96 on Friday (September 27). Spectators anticipated DOT to surpass $5, but the cryptocurrency was unable to do so and faced rejection at that level. Following the rejection at $5, DOT experienced a downturn during the weekend, resulting in a 2.04% decrease on Saturday and an additional 0.42% drop on Sunday, concluding the week with a price of $4.76.
On Monday, a strong demand to sell pushed $DOT down nearly 7%. This caused $DOT to fall below its significant support level of $4.50, closing the day at $4.44.
On Tuesday, the market showed bearish trends as Polkadot (symbol: $DOT) plummeted by 6.31%, closing at $4.16. The steep fall in $DOT on Monday and Tuesday caused it to dip below both its 20-day Simple Moving Average (SMA) and 50-day SMA. There was a turbulent trading session on Wednesday, where buyers attempted recovery while sellers aimed to drive $DOT below its support at $4. Although sellers failed to push the price below $4, buyers’ efforts only managed a modest 1.44% decrease, resulting in $DOT closing at $4.10. Persistent bearishness on Thursday saw $DOT drop below its $4 support, reaching a daily low of $3.99. However, strong support at $4 enabled buyers to counteract selling pressure, and a slight increase of 0.73% raised the price to $4.13.
The Battle Between Buyers and Sellers Continues
On Thursday, the rebound for $DOT continued into Friday. By the end of Friday’s trading, $DOT had risen by 1.45% to close at $4.19. However, on Saturday, buyers took a step back as sellers reclaimed control, causing $DOT to decrease by 1.26%, ending the session at $4.13.
$DOT Fails to Push Above $4.20
Despite buyers’ stepping in on Sunday, $DOT could not break above $4.20. Today’s session saw $DOT register a marginal increase of 1.19%, closing the session at $4.19.
In simpler terms, the price of Polkadot ($DOT) is currently bouncing between approximately $4 (a point with strong underlying backing) and $5 (an area that’s proving challenging for it to advance). Although sellers made a good effort, they couldn’t force the price below $4. If sellers regain control and break through this level, there’s a possibility that Polkadot could drop to its long-term support of around $3.62.
Read More
Sorry. No data so far.
2024-10-07 10:28