As a seasoned analyst with over two decades of experience in the cryptocurrency market, I have witnessed the highs and lows of numerous blockchain projects. Polkadot (DOT), with its recent recovery, presents an interesting case study. The token’s movement above the 20 and 50-day SMAs suggests a bullish trend, potentially pushing towards the $4.50 level once again.
Over the recent trading periods, Polkadot (DOT) has witnessed a significant surge, crossing over its 20-day and 50-day Simple Moving Averages. At present, it’s hovering near the $4.40 price point.
In the last 24 hours, DOT has risen by approximately 4%, suggesting that it might surge even more. If this trend continues, there’s a possibility we may witness the $4.50 mark challenged again.
Polkadot (DOT) Recap
Previously ending the week in a downtrend, Polkadot (DOT) aims to steer clear of bearish tendencies this week. Last Sunday, DOT hit a low of $4.09 but closed at $4.16, marking a 0.95% decrease. However, the new week started promisingly for DOT, with an upward surge of 5.05%, pushing it above its 20 and 50-day Simple Moving Averages (SMAs) to $4.37. On Tuesday, DOT saw substantial volatility as sellers tried to pull the price below the 20 and 50-day SMAs while buyers strived to surpass $4.50. The day ended with DOT at $4.41 after reaching a high of $4.53, recording a 0.92% increase.
On Wednesday, the buying interest slowed down, causing DOT to dip by approximately 2.04%, reaching $4.32. Yet, buyers successfully maintained the price above both the 20 and 50-day Simple Moving Averages (SMAs). The selling pressure escalated on Thursday, pushing DOT below these moving averages. Eventually, it dropped by more than 3% to end at $4.19, having earlier dipped to a low of $4.15.
Another Substantial Recovery
Following a notable drop on both Wednesday and Thursday, DOT experienced a robust surge on Friday, increasing by approximately 2.63% and regaining its position above both the 20-day and 50-day Simple Moving Averages (SMAs). The current trading price stands at $4.30. During the ongoing session, DOT’s recovery has persisted, reaching a high of $4.48 before dipping back down. Currently, it is slightly more than 2% up and trading near the $4.39 mark. With buyers currently gaining momentum, there’s a possibility that DOT may attempt to return to around $4.50 during this session. If the buyers manage to surpass this level, DOT could potentially advance towards $5.00.
If DOT fails to break through this current level once more, there’s a strong likelihood it will revert to approximately $4. At the moment, Polkadot appears poised for an upward surge, as suggested by the MACD signaling that bullish momentum is dominant. Additionally, the Relative Strength Index (RSI) of DOT stands at 53, which is not near overbought territory, implying there’s still ample opportunity for a price increase before any potential correction may occur.
Polkadot Announces Another Collaboration
Polkadot has continued to build new partnerships to expand its ecosystem. The protocol, one of the most prominent in the blockchain ecosystem, has announced a collaboration with Banxa and Polimec. The partnership aims to revolutionize users’ participation in Web3 initiatives by allowing them to use credit cards to make investments seamlessly. This means users can conveniently participate in Web3 projects. The partnership allows Polkadot to leverage the expertise of Polimec and Banxa. Polimec is a decentralized fundraising protocol, and Banxa is a fiat-to-crypto gateway platform.
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2024-10-19 11:43