As a seasoned crypto investor with years of experience navigating the volatile cryptocurrency market, I’ve learned to expect the unexpected. The recent performance of Polkadot (DOT) has been a rollercoaster ride, to say the least. After a promising weekend push above $4.50, it seems we are back in familiar territory below this level.
In the last 24 hours, Polkadot (DOT) has experienced a significant drop, decreasing nearly 3.50%. Now, it’s being traded below $4.50, specifically at $4.41.
Over the weekend, DOT temporarily surpassed $4.50, peaking at $4.59, but then dipped below that level again on Monday as buying power seemed to wane once more.
Polkadot (DOT) Sees Mixed Week
Over the past week, Polkadot’s (DOT) price movement exhibited some fluctuation. On Monday, it surged by 5.05%, breaching its 20 and 50-day Simple Moving Averages to reach $4.37. The following day saw a tug-of-war between buyers and sellers, causing volatility to spike. This struggle led DOT to dip to a daily low of $3.0 and touch a high of $4.53 before ending at $4.41, showing a 0.92% increase. However, the buying momentum waned on Wednesday, and DOT began to trend bearishly, sliding to $4.32. On Thursday, it dipped further, falling below both its 20 and 50-day SMAs to hit $4.19 after a decline of more than 3%.
A Bullish Weekend
On Thursday, DOT experienced a significant decline, but it bounced back strongly on Friday, surpassing both its 20 and 50-day Simple Moving Averages following a 2.63% growth. The bullish feeling grew stronger over the weekend as DOT climbed by 4.44% on Saturday to reach $4.44. It managed to break past $4.50 on Sunday after a 2.93% increase pushed the price up to $4.57. Market observers are optimistic that DOT may maintain its position above this level.
Back In The Red
Initially, there was hope that DOT would maintain its momentum, but this didn’t materialize. Instead, the price of DOT dipped by 4.38% at the start of the week, falling below $4.50. Currently, DOT is trading at $4.36 after a further 0.23% drop in the ongoing session. Despite an attempt to push it below the 50-day Simple Moving Average, sellers couldn’t succeed. Instead, DOT bounced back from $4.30.
Reflecting on the current state of DOT, it appears that sellers are attempting to pull DOT below both the 20 and 50-day Simple Moving Averages (SMAs). However, a notable point is that buyers have managed to hold their ground at the 50-day SMA thus far, preventing any significant price drop. This could suggest that buyers are nearing exhaustion at this level.
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2024-10-22 20:32