As a seasoned analyst with over two decades of experience in the crypto market, I have seen many altcoins like Polkadot (DOT) rise and fall. My gut feeling tells me that DOT’s current decline might not be a long-term trend but rather a temporary correction.
During this active trading period, Polkadot (DOT) is experiencing a drop and has dipped below its 20 and 50-day Simple Moving Averages. Over the last 24 hours, its value has decreased by approximately 3%, currently being traded around $4.21.
The behavior of DOT is echoing previous patterns, as it struggles to build strong positive momentum and surpass significant barriers that serve as resistance.
A Strong Start To The Week
Polkadot (DOT) started its recent upward trend on Thursday, climbing 1.49% to reach $4.08 from a daily low of $3.95. DOT’s recovery continued on Friday, gaining another 2.21%, moving up to $4.17. However, the momentum slowed over the weekend as DOT reached a high of $4.26 before dropping back slightly, ending at $4.20 with a 0.72% increase. Despite this rise, sellers were active at that level, causing DOT to drop to $4.09 on Sunday, ultimately settling at $4.16 after a 0.95% decrease, indicating a bearish close for the weekend.
Yesterday, I noticed a surge in bullish sentiment across the crypto market which positively impacted my Polkadot (DOT) investment. Consequently, DOT soared by 5.05% and breached both its 20-day Simple Moving Average (SMA) and 50-day SMA, reaching a new high of $4.37.
Back In The Red
As a researcher tracking DOT’s performance, I observed a slight reversal in its trajectory on Wednesday following a surge above $4.50 on Tuesday. The bullish momentum seemed to falter, leading to a 2% decrease, with DOT closing at approximately $4.32. This dip placed the token slightly above both its 20-day and 50-day Simple Moving Averages (SMAs), giving rise to hopes of a potential recovery. However, my analysis shows that the decline has persisted, with DOT currently down by more than 3%. The token has now fallen below both the 20-day and 50-day SMAs, trading at $4.29. Market watchers are keenly observing for any signs of a potential reversal or continuation of this trend.
With Polkadot (DOT) Continue Decline?
At the moment, Polkadot (DOT) is roughly being traded near $4.20, and some sellers aim to push the price down further. However, optimistic market observers anticipate a rebound from this point. If DOT continues its slide, it might dip back to $4, a position that could lure buyers once more. The network activities and partnerships of Polkadot are anticipated to ignite a recovery, leading several analysts to forecast a recovery happening sooner over later.
In May, Polkadot unveiled the JAM protocol as a possible alternative to their relay chain. Additionally, they’ve formed collaborations, such as one with Inter Miami, a well-known American football team.
Read More
Sorry. No data so far.
2024-10-17 17:02