POLKADOT Price Analysis 10-27: DOT Recovers After Dropping to $4

by

As a seasoned analyst with over a decade of experience in the crypto market, I have seen my fair share of volatility, and Polkadot (DOT) is no exception. The recent rollercoaster ride of DOT has been nothing short of exhilarating, with its price swinging from $4 to above $4.50 in a matter of days.

Over the past few days, Polkadot (DOT) experienced a considerable drop, wiping out all the progress it had achieved the preceding week. On Friday, DOT plunged to $4, yet managed to rebound and trade within the $4.10 vicinity by the end of the day.

DOT closed the previous week on a relatively bullish note but \tumbled severely on Monday after registering a substantial decline of 4.38%. 

DOT Sees Brief Stint Above $4.50

Buyers attempted to push DOT above the crucial $4.50 level in the previous week to settle at $4.57. Polkadot (DOT) kicked off the week with a substantial gain of over 5% on Monday. As a result, DOT climbed above the 20 and 50-day SMAs to settle at $4.37. A volatile session on Tuesday saw DOT dip to a day low of $4.30 and reach a high of $4.53 before eventually settling at $4.41. Buyers, however, lost momentum after taking control of Tuesday’s session. Under sellers’ control, DOT saw a substantial decline to $4.32. Bearish sentiment intensified on Thursday, pushing DOT down by 3% and below its 20 and 50-day SMAs to close the session at $4.19. 

Following some challenging days that caused DOT’s value to plummet, it staged a robust comeback on Friday, climbing once more above its 20 and 50-day Simple Moving Averages (SMA) after a 2.63% surge. The bullish trend continued the following day as DOT increased by another 2.84%, ending Saturday at $4.44. On Sunday, buyers remained in control, surpassing the significant $4.50 level. Throughout the session, DOT reached a high of $4.59 before dipping back to $4.57, resulting in a 3.30% rise.

Polkadot (DOT) Back in the Red

Following a strong uptrend over the weekend, buyers’ momentum faltered once more on Monday. The price of DOT dropped by 4.38%, falling beneath its vital $4.50 threshold to end the day at $4.37. Tuesday was a turbulent session as buyers and sellers battled for dominance, causing DOT to peak at $4.43. In the end, sellers gained control, causing DOT to slide by 1.14% to $4.32. The selling pressure increased on Wednesday, with sellers driving the price down to a low of $4.10. However, DOT rebounded and finished the session at $4.21. Thursday saw another volatile day for DOT, which dipped to a daily low of $4.16. The cryptocurrency showed a slight recovery but ultimately closed the session with a minimal decrease of 0.17% at $4.20.

On Friday, buyers struggled to keep up as sellers dominated the trading session, causing a significant drop of approximately 4.88%. DOT plunged to a daily low of $3.9 before slightly rebounding to end the day at $4.00. There was minimal movement in DOT on Saturday, but it briefly dipped below $4 to hit a new low for the day of $3.9. However, it managed to recover slightly, gaining 0.84% to close at $4.03. The support level for DOT is strong at $4, but if sellers continue to drive the price down again, we might see the altcoin falling towards its long-term support of $3.62.

At these low prices, a robust interest in DOT has led investors to jump in. Currently, DOT is experiencing an approximately 2% increase, and it’s being traded within the band of $4.10.

Read More

2024-10-28 05:01