As a seasoned crypto investor with over a decade of experience in this volatile market, I’ve seen more than my fair share of ups and downs. The current situation with Polkadot (DOT) is reminiscent of a rollercoaster ride – exhilarating highs followed by gut-wrenching lows.
In recent times, the value of Polkadot (DOT) has noticeably dropped, currently trading under $4. The overall feeling among investors has been pessimistic, causing a steep decrease in the price of this cryptocurrency.
DOT has dropped below the $4 level and is battling to hold its price.
Bullish Start to the Week
At the start of this week, Polkadot (DOT) showed a positive trend as investors aimed to push its price beyond the 20 and 50-day Simple Moving Averages. However, DOT experienced a substantial drop on Friday, but managed to slightly rebound over the weekend, ending the previous week at $4.13.
This week started off with a turbulent trading day as both buyers and sellers fought for control during Monday’s session. DOT dipped to a daily low of $4 and peaked at $4.22, ending the day at $4. Strong buyers entered the market on Tuesday, driving up DOT to $4.19, but they failed to push it above the 20-day Simple Moving Average (SMA).
DOT Registers Significant Decline
On Wednesday, DOT experienced heavy selling, dipping to a daily low of $4.12. However, it managed to rebound slightly, ending the day at $4.20. Despite this recovery, DOT faced intense selling again at $4.20, leading to a substantial drop of 5% on Thursday, bringing the price down to $3.96. The coin continued to struggle under selling pressure on Friday, reaching a low of $3.85 before recovering slightly to close at $3.91, marking a decline of 1.26%.
On Saturday, DOT experienced a trajectory similar to the previous one, reaching its lowest point at $3.82 and then rebounding to close the day at $3.90, representing a 0.10% drop. In this current session, DOT is struggling to gain any traction; it fell to $3.67 before recovering slightly to $3.78, marking a substantial decrease of 3.11%.
As a researcher analyzing the crypto market, I find myself expressing concern about the current state of DOT. This altcoin appears to be teetering precariously close to its long-standing support level of $3.62. However, I remain optimistic that dedicated buyers will step in to safeguard this crucial price point. If DOT does drop to its multi-year support, it’s reasonable to anticipate a recovery afterwards.
Read More
- AI16Z PREDICTION. AI16Z cryptocurrency
- A Palace x Nike Air Max DN8 Collab Is Rumored for 2025
- Niecy Nash-Betts Tracks a Sinister Killer in ‘Grotesquerie’ Trailer
- Felicity Jones Has a Fresh (and Minimalist) Take on Method Dressing Trend at ‘The Brutalist’ Premiere
- Crypto ETPs hit $44.5b in YTD inflows amid Bitcoin surge
- ‘Riders of Justice’, Mads Mikkelsen’s Underrated Action Movie, Is Now Streaming for Free
- Amy Adams’ Nightbitch Has A Scene That Was So Disgusting, Crew Members Had To Leave The Room While They Filmed It
- Hong Kong Treasury says crypto is not a ‘target asset’ for its Exchange Fund
- Sonakshi Sinha-Zaheer Iqbal welcome 2025 with kisses and colorful fireworks in Sydney: WATCH
- When Dharmendra said Sunny Deol and Bobby Deol didn’t have affairs with heroines and were ‘innocent’, recalls Gadar 2 director Anil Sharma
2024-11-04 08:37