As a seasoned analyst with years of experience navigating the volatile cryptocurrency market, I must admit that Polkadot ($DOT) is proving to be quite the resilient contender in these tumultuous times. The altcoin’s battle to stay above $4 this week has been nothing short of a rollercoaster ride, with its price swinging wildly between gains and losses.
Despite not managing to break past $5 at the end of September, Polkadot‘s native token ($DOT) held its ground during another week marked by bearish trends. Throughout this week, $DOT struggled to maintain a position above $4, momentarily dipping below this mark on multiple occasions.
Over the last day, $DOT has experienced a decline of approximately 1.93%, following a challenging week where it struggled to maintain its position above $4.
Polkadot ($DOT) Fights to Stay Above $4
Over the past week, Polkadot’s price ($DOT) saw another downward trend after it failed to surpass $5 at the end of September. In October, the coin started off on a negative note, and this bearish momentum persisted as sellers pushed the value of $DOT below its 20-day and 50-day Simple Moving Averages (SMA), as well as important support thresholds. The digital currency began the previous week with a steep 7% drop, which was followed by an additional 6.3% fall on Tuesday.
On Wednesday, DOT fell to $4, bottoming out at $3.99 on Thursday. However, there was a slight rebound for DOT on Thursday, ending the day at $4.13. The price of DOT continued to rise on Friday, up by 1.45%, reaching $4.19. Yet, sellers regained control on Saturday, causing DOT to decrease by 1.19%. On Sunday, there was a slight recovery for DOT, increasing by 1.21% and returning it to $4.19.
$DOT Spends Another Week in the Red
Following a bullish end to the last week, $DOT failed to maintain its upward trajectory. On Monday, buyers attempted to push $DOT towards $4.50 after hitting a peak of $4.27, but the rally was brief as sellers re-entered the market. Consequently, $DOT declined by 1.43%, ending the day at $4.13. The next day, Tuesday’s market turbulence left both buyers and sellers grappling for control, with sellers eventually taking charge, causing $DOT to drop by 0.73% to $4.10. Bearish sentiments persisted on Wednesday, leading $DOT to dip below its significant support level of $4 and touching a low of $3.95. However, buyers managed to regain control, pushing $DOT back above $4, finishing the session at $4.02. $DOT fell below $4 again on Thursday, but strong support at that level allowed buyers to push the price to $4.08. Buyers remained in control on Friday, resulting in a 2.21% surge for $DOT, pushing the price up to $4.17. Lastly, $DOT registered an additional 0.91% increase on Saturday, wrapping up the session at $4.20.
The current session sees $DOT back in the red, falling 1.81% to trade at $4.13.
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2024-10-13 22:02