As an analyst with over two decades of experience in the cryptocurrency market, I have seen my fair share of bull and bear runs. With Polkadot (DOT), the story remains intriguing as we continue to navigate its ups and downs.
During the current trading session, Polkadot (DOT) has seen a modest increase, approximately 1.50%, aiming to surpass its moving averages and potentially reach a level of around $4.50.
As an analyst, I noted that DOT reached its peak of $4.53 during trading hours on Tuesday. However, it could not sustain this momentum and dropped off, failing once more to break through this particular resistance level.
Polkadot (DOT)’s Climb To $4.50
On Thursday, Polkadot (DOT) bounced back from its support levels, gaining 1.49% to reach $4.08. This upward trend persisted on Friday as strong buying activity caused DOT to climb further by 2.21%, reaching $4.17. Over the weekend, DOT aimed for $4.50, swiftly rising to a high of $4.26. However, sellers intervened and pulled the price down to $4.20, resulting in a daily increase of only 0.72%. Despite this positive performance, DOT slid back into negative territory on Sunday as sellers tried to force the price towards $4. The day saw DOT touching a low of $4.09 before settling at $4.16, marking a decrease of 0.95%.
To start the present week, DOT showed a positive trend by surging more than 5% on Monday, surpassing both its 20-day and 50-day moving averages to reach $4.37. On Tuesday, there was considerable market turbulence as traders battled for control. Buyers aimed to push DOT above $4.50, while sellers tried to pull it below the same moving averages. Consequently, DOT dipped to a low of $4.30 before rising to a daily high of $4.53. However, due to intense selling pressure at that level, DOT dropped back down, ending the day at $4.41 after gaining 0.92%.
Yet Another Decline And Recovery
Initially showing promising progress and attempting to break past the $4.50 barrier early in the week, the buying force seemed to weaken on Wednesday, allowing sellers to take charge. This shift caused DOT to dip by 2.04% to reach $4.25. Despite this setback, investors held onto hope for a rebound. However, sellers maintained their control as pessimism deepened on Thursday, pushing DOT below both the 20 and 50-day moving averages to $4.19 after a 3.01% drop. In the current session, DOT has managed to regain some ground, rising by 1.43%, trading at $4.25 and surpassing the 20-day moving average once more.
Is it possible for DOT to regain its strength and reach $4.50 again, or will there be another dip? At present, buyers need to push DOT’s price above both the 20-day and 50-day Simple Moving Averages (SMAs) for a potential move towards $4.50. However, if DOT fails to rise above these averages, it suggests that buyers are losing steam and sellers are gaining control. In such a scenario, we might see DOT dropping down to the $4 mark. A surge in buying activity could potentially reverse this trend at the $4 level, allowing DOT to recover once more.
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2024-10-18 15:08