As a seasoned crypto investor with a knack for spotting trends, I must admit that Polkadot ($DOT) has been quite the rollercoaster ride this week. Last week ended bearishly, but I’ve learned not to be disheartened by temporary setbacks. The market can be unpredictable, much like a game of chess where your king is always one step away from checkmate.
In simpler terms, the price of Polkadot ($DOT) has surpassed $4.50, marking a 3% increase in today’s trading session. This growth follows a bullish week for $DOT, causing it to break above its 20 and 50-day Simple Moving Averages (SMAs).
In the present trading session, DOT has surged more than 3%, even exceeding $4.50, suggesting it may end the week positively with a bullish trend.
$DOT Weekly Recap
Last week, Polkadot (DOT) concluded on a bearish trend, reaching a daily low of $3.95 on Thursday. The cryptocurrency had dipped to a weekly low of $4.09 on Sunday but managed to rebound, ending the day at $4.16 – marking a 0.95% decrease. However, DOT started this week optimistically, experiencing a 5.05% growth on Monday that propelled it above its 20 and 50-day Simple Moving Averages (SMAs), settling at $4.37. Tuesday’s trading session was turbulent, as sellers aimed to drive DOT below its moving averages while buyers sought to lift the coin above $4.50. After a struggle between both parties, DOT halted at $4.50, ultimately ending the day at $4.41 – registering a 0.92% increase.
On Wednesday, the price of DOT experienced a downturn as buying activity waned, falling approximately 2% to reach $4.32. Although it hovered slightly above its moving averages, investors remained optimistic that DOT might rebound from this point. However, on Thursday, heightened selling pressure caused DOT to dip below both its 20-day and 50-day simple moving averages (SMAs). As a result, sellers were able to push the price of DOT down by around 3%, settling it at $4.19.
Polkadot ($DOT) Makes Significant Recovery
After experiencing a significant drop on Wednesday and Thursday, the price of $DOT showed a substantial improvement on Friday, increasing by 2.63% during the day and surpassing its moving averages to settle at $4.30. The altcoin continued its upward trend on Saturday, rising by 2.84% and settling at $4.43. On Sunday, $DOT nearly broke through the $4.50 level, peaking at $4.48 before a slight dip occurred.
Today saw buyers continue their uptrend, surpassing the significant barrier at $4.50. The price of DOT peaked at $4.59 in today’s trading before dipping slightly to close at $4.57, translating to a 3.30% growth throughout the session.
Given the current market situation where buyers hold sway and a significant surge beyond $4.50, there’s a possibility that the price of DOT might reach $5. Based on technical evaluation, it appears that the bulls are in control, suggesting that Polkadot could experience an upward leap.
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2024-10-21 09:13