As a seasoned researcher with years of experience in the cryptocurrency market, I have seen my fair share of bull runs and bear markets. Observing Polkadot (DOT) this week has been an interesting ride.
As a researcher, I’ve observed that my analysis indicates a considerable drop in Polkadot (DOT) this week. This downturn seems to be due to a significant resistance level that prevented DOT from breaking through the $6 mark.
Over the last day, DOT has experienced a significant decrease of approximately 6%. There’s a strong possibility that sellers aim to push the price downward, towards the $5.40 mark. This key level is reinforced by the moving average over the past 200 days, serving as a supportive barrier.
A Recap Of Polkadot’s (DOT) Price Action
In November, Polkadot (DOT) experienced a significant surge, breaking through important resistance points and moving averages. Yet, this upward trend halted after reaching a significant milestone, causing sellers to force a retreat from around $6. Previously, DOT had surpassed its 200-day moving average at the start of the week before, resulting in an increase of 8.97% and settling at $5.71. However, the bullish momentum waned after reaching this level, causing a drop of over 7% and falling below the 200-day SMA to settle at $5.31. On Wednesday, sellers took control, pushing DOT towards $5 as it reached an intraday low of $4.91. Nevertheless, it managed to recover from this level, moving above $5 and settling at $5.08, recording a decline of 4.33%.
The intensity of selling activity significantly increased, causing DOT to drop below $5 (after a nearly 6% decrease), reaching $4.78. However, on Friday, DOT managed to bounce back, experiencing an approximately 8% rise and returning to the $5 mark, settling at $5.16. On Saturday, there was a strong positive shift in sentiment as DOT climbed over its 200-day Simple Moving Average (SMA), gaining 12.02% and finishing the day at $5.78.
Bullish Sentiment Wanes
On Sunday, DOT made an effort to break through $6 but was unable to sustain its momentum at that point, causing prices to slide. The cryptocurrency tumbled by 6.23%, ending the day at $5.42. However, on Monday, DOT rebounded strongly, gaining nearly 11% and reaching $6 once again. Unfortunately, the positive trend reversed on Tuesday, with DOT losing 3.33% and falling to $5.80. The price action of DOT became highly volatile on Wednesday as both buyers and sellers fought for control. Prices soared to an intraday high of $6.12 before plummeting to a low of $5.54, only to recover again. In the end, the sellers managed to regain control, causing DOT to drop by 1.21% and settle at $5.73.
DOT remains in the red during the ongoing session, with the price down 2.27% as sellers look to drive the price below the 200-day SMA.
What Next For Polkadot (DOT)
This week, Polkadot (DOT) has seen a significant drop, leading market observers to predict possible future movements. Some analysts foresee that DOT might recover from its 200-day Simple Moving Average (SMA) and challenge the resistance at approximately $6. If it manages to surpass this level, they expect it to potentially reach $7.50. Conversely, if DOT falls below the 200-day SMA, there’s a chance it might dip below $5.
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2024-11-21 17:03