As a seasoned researcher with years of experience in the crypto market, I’ve witnessed my fair share of ups and downs. The journey of Polkadot (DOT) has been an interesting one to follow, especially its recent recovery to reclaim the crucial $5 price level.
After a positive shift in investor outlook, Polkadot (DOT) has regained the significant $5 mark, experiencing nearly a 2% increase in value during this active trading period.
On Thursdays session, DOT dipped under the $5 mark, with selling pressure pushing its price down to a day’s low of $4.69. Nevertheless, it bounced back from that point, showing an increase of nearly 8% over the preceding 24 hours.
Polkadot (DOT) Reclaims Key Levels
Polkadot’s (DOT) price has shown significant fluctuations since November 5, bouncing back robustly after dipping below $4 and almost touching its long-term support at $3.62. On November 6, DOT made a strong comeback, surpassing the $4 mark again following a 6.48% increase that ended its day at $4.11. The next day, on November 7, DOT moved above its 20-day Simple Moving Average (SMA) after climbing 1.46%, settling at $4.17. As bullish momentum continued, DOT crossed over the 50-day SMA on November 8, increasing by 3.60% and closing the day at $4.32.
Over the weekend, there was a significant rise in positive market sentiment towards DOT. On Saturday, DOT experienced an upward movement of approximately 7.2%, climbing above $4.50 and ending the day at $4.63. The buying trend intensified on Sunday, with DOT gaining over 14% to surpass $5 and reach a peak of $5.48 before dipping slightly to close at $5.24. On Monday, DOT dropped to $4.98 as sellers tried to push the price below $5, but the cryptocurrency bounced back and soared past its 200-day moving average and $5.50 to finish the day at $5.71.
A Quick Decline And Recovery
On Tuesday, DOT peaked at $5.84 with buyers aiming for $6, but they couldn’t maintain the pace, allowing sellers to take charge instead. Consequently, DOT dropped more than 7%, dipping below its 200-day moving average and closing at $5.31. Attempts to recover were made on Wednesday, yet they proved fruitless as sellers continued to push down the price of DOT to $5.08, a decrease of 4.33%. On Thursday, with a bearish outlook still in place, DOT dipped below $5 again, experiencing a further drop of over 6% and ending the day at $4.77.
Following a dip on Thursday, DOT bounced back strongly on Friday, rallying 8.18% to regain the $5 mark and close at $5.16. Today, DOT is surging by nearly 3%, with buyers aiming to drive the price beyond its 200-day Simple Moving Average (SMA). If successful, DOT might make another effort to challenge the resistance at $6. Conversely, if sellers regain control, DOT could slide back below $5 and potentially drop as low as $4.50. A fall to $4 would be likely if sellers manage to break through this level.
Polkadot (DOT) Showing Renewed Strength
As a researcher, I’ve noticed an impressive comeback in the performance of Polkadot (DOT), marked by a surge in bullish sentiments following a stretch of market volatility. This resurgence can be attributed to the continuous technological innovations within the Polkadot ecosystem and the increasing interest from developers. The platform’s commitment to interoperability has positioned it as a pioneer in cross-chain compatibility, attracting numerous projects that bolster the network’s significance. Moreover, Polkadot’s enhancements in scalability have made it more appealing to users and investors alike.
In the past day, Polkadot has experienced a substantial surge in new user registrations, with more than 5000 new accounts being created – representing a 150% rise compared to the previous period.
Over the past three days, there’s been a skyrocketing increase in the creation of new Polkadot accounts. Within just the last 24 hours, more than 5,000 fresh accounts have been established on the relay chain itself.
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2024-11-16 13:20