As a seasoned crypto investor with a knack for spotting trends and navigating market volatility, I’ve seen my fair share of rollercoaster rides. Polkadot (DOT) has been an interesting case study lately. The altcoin’s recent stall at $4.50 is a familiar sight, much like a stubborn relative who refuses to budge from their comfort zone.
In a recent development, Polkadot (DOT) experienced another halt at approximately $4.50, resulting in a decline during the current trading period. At present, DOT has dropped nearly 4%, but if we consider the past week, it has shown an almost 6% increase.
After touching a low of $3.95, DOT displayed a remarkable comeback, and with a robust beginning to this week, market observers are optimistic that it might surpass $4.50.
Polkadot (DOT) Fails Back Yet Again
The surge in Polkadot (DOT) halted at a persistent resistance point, causing the altcoin’s momentum to wane after reaching approximately $4.50. DOT’s recovery initiated on Thursday with a 1.49% rise, moving up from a daily low of $3.95 to close at $4.08. The altcoin climbed further on Friday, increasing by 2.21%, reaching $4.17. Saturday started promisingly as DOT peaked at $4.26, but sellers intervened, pushing the price down to $4.20 after a 0.72% increase. On Sunday, DOT slipped back into negative territory, falling to a low of $4.09. However, following recovery from this level, it closed at $4.16, marking a 0.95% decrease.
To begin this week, DOT showed strong optimism in the crypto market as it bounced back strongly. This surge propelled it to surpass both the 20-day and 50-day Simple Moving Averages (SMAs), ending at $4.37. However, on Tuesday, DOT experienced substantial volatility with buyers trying to push it above $4.50 while sellers aimed to pull it below the moving averages. Consequently, DOT reached a peak of $4.53 and dipped to a low of $4.29 before closing at $4.41, marking a 0.92% rise.
Even though DOT has made a substantial comeback, it’s slipped back into negative territory during today’s trading session. Sellers managed to drive the price down to as low as $4.30. Fortunately, DOT bounced back from that level and is now hovering around $4.37, showing a decrease of 0.91%.
A Familiar Trajectory
The repeated refusal of Polkadot (DOT) to surpass $4.50 has become a recurring theme. If sellers persist in their control, DOT might slide beneath its 20-day and 50-day Simple Moving Averages (SMAs), potentially returning to $4 before bouncing back. Conversely, if buyers regain the upper hand, DOT could retrace its steps towards $4.50 again. A breach above this point may signal bulls taking charge, leading to further tests of resistance at $5.
A Decline Or Parabolic Rally?
Opinions about Polkadot’s (DOT) future direction are divided. While some experts foresee a possible drop in the altcoin due to indicators pointing towards a bearish trend as long as DOT remains below its 200-day Simple Moving Average. One expert suggested that investors should revise their strategies and be on the lookout for additional declines. However, other analysts predict an explosive surge for DOT, drawing comparisons to Fantom (FTM). They note that DOT’s recent price action bears resemblance to FTM’s movement.
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2024-10-16 17:13