As a seasoned crypto investor with battle scars from the 2017 bull run and the subsequent bear market, I can’t help but feel a sense of deja vu as I watch Polkadot (DOT) struggle to stay afloat. The relentless selling pressure has taken its toll on DOT, pushing it back below $4, a level that’s become a familiar battleground for bulls and bears alike.
Currently, Polkadot (DOT) finds it tough to maintain its position above $4 due to heavy selling activity. If the price drops below $4, we might expect DOT to slide further down to approximately $3.62.
Over the last 24 hours, DOT‘s value has decreased by approximately 2.50%. It touched a low of $3.95 on Wednesday, momentarily dropping below the $4 mark.
Polkadot (DOT)’s Bearish Start To October
Polkadot (DOT) has shown a significant downtrend since it couldn’t break through the $5 mark towards the end of September. Since then, it’s largely been in the red, with sellers pushing the price below essential support levels and both the 20-day and 50-day Simple Moving Averages. DOT experienced a near 7% decline at the start of the previous week, followed by another 6.31% drop on Tuesday. By Wednesday, DOT had dropped to $4, and by Thursday, it reached $3.99 as buyers found it challenging to stage a comeback. However, DOT managed to bounce back after reaching $3.99 and closed at $4.13 on Thursday, gaining 0.73%.
A Weekend Recovery
On Thursday, DOT experienced a modest rebound, and on Friday, it continued its upward trend, gaining 1.45% to reach $4.19. Yet, it faced turbulence on Saturday as sellers tried to pull the price down towards $4, while buyers aimed to push it higher. Ultimately, DOT dipped by 1.19% and settled at $4.14. But on Sunday, the coin bounced back, recording a 1.21% rise and returning to $4.19. However, further attempts by buyers to move higher proved unsuccessful, causing DOT to slip back into negative territory on Monday.
Selling Pressure Returns
On Monday, Polkadot (DOT) made an effort to advance towards $4.50, reaching a peak of $4.27. Yet, buyers failed to gather enough strength to maintain a positive trend, leading DOT to halt again at $4.27, giving sellers the opportunity to regain control. Consequently, DOT dipped and decreased by 1.43%, ending the day at $4.13. The session on Tuesday saw volatility as both buyers and sellers battled for dominance. In the end, sellers prevailed, causing DOT to drop by 0.73% to $4.10.
On Friday, the selling force grew more powerful, causing DOT to dip from around $4 down to $3.95. Yet, the strong support at this level helped DOT bounce back and climb above $4 again. By the end of trading, DOT closed at $4.02 following a nearly 2% decrease. Currently, in today’s session, buyers are trying to keep DOT above $4 as it shows a slight increase.
What Next For Polkadot (DOT)?
Previously noted, DOT has two crucial resistance points: one at $4 and another at $3.62. Both levels have been tested so far. The bulls are striving hard to keep DOT above the $4 mark. But whether they can maintain an upward trend is uncertain, as DOT has failed to surpass $4.20 since the weekend. If DOT manages to breach $4.20, it could potentially reach $4.50. Conversely, if bearish forces push DOT below $4, it might slide down to its long-term support at $3.62.
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2024-10-10 15:10