As a seasoned crypto investor with a knack for spotting trends, I must say the recent performance of Polkadot (DOT) has been quite intriguing. After the surge following the US elections, it’s no secret that DOT has been on a rollercoaster ride. The rapid climb above $5 was exhilarating, but the subsequent drop below the 200-day SMA is a reminder of the volatile nature of this market.
On Tuesday and Wednesday, there was a significant drop in the value of Polkadot (DOT), as it struggled to surpass $6 and instead fell due to selling pressure that pushed the price beneath its 200-day Simple Moving Average.
After the elections, there was a significant increase in optimistic feelings towards DOT, which led to its price soaring beyond crucial resistance barriers and regaining the value of $5.
Polkadot (DOT) Surges After US Elections
Starting last Tuesday, Polkadot (DOT) began its upward trend, gaining momentum particularly on voting day, with a rise of nearly 6.48%, returning to $4.11. A bullish trend continued on Thursday as DOT climbed above its 20-day moving average, rising by an additional 1.46%. The price further ascended over the 50-day moving average on Friday, increasing almost 4% and settling at $4.32. Bullish sentiment strengthened over the weekend as DOT saw a 4.18% increase, surpassing $4.50 to reach $4.63. On Sunday, DOT experienced a more substantial rally, climbing over 13%, passing $5, and ending at $5.24, briefly touching above its 200-day moving average.
This week started off with DOT reaching a daily low of $4.98, as sellers aimed to force the price under $5. But as support developed around this price point, buyers took charge and propelled DOT back above $5. In the end, DOT experienced a nearly 9% rise, surpassing its 200-day moving average and closing at $5.71.
A Rapid Decline
On Tuesday, investors made efforts to push the price of Polkadot (DOT) above $6. However, when sellers became active at that level, momentum shifted, giving way to selling pressure. Consequently, DOT fell more than 7%, slipping below its 200-day Simple Moving Average, reaching a low of $5.12 before ending the day at $5.31. Sellers remained in control throughout Tuesday, causing DOT to dip further to an intraday low of $4.91, later recovering slightly to close at $5.08 – a decrease of 4.33%. In the current session, both buyers and sellers are vying for control over DOT, with neither side gaining significant advantage yet.
If sellers maintain dominance and DOT’s value decreases, it might dip beneath $5, suggesting that the market has turned down the breakout. A further drop to $4.50 may follow, but if buyers regain control, DOT could rebound above its 200-day Simple Moving Average (SMA) towards $6. This is possible if a bullish trend resurfaces. The Relative Strength Index (RSI), which was in the overbought region, signaled an upcoming decline. Now that the RSI is below 70, there’s a chance for a bullish comeback and potential DOT recovery. Some analysts anticipate this recovery and forecast that DOT could climb above $7.
Read More
- Ludus promo codes (April 2025)
- Cookie Run Kingdom: Shadow Milk Cookie Toppings and Beascuits guide
- Cookie Run Kingdom Town Square Vault password
- Maiden Academy tier list
- DEEP PREDICTION. DEEP cryptocurrency
- Tap Force tier list of all characters that you can pick
- 10 Hardest Bosses In The First Berserker: Khazan
- Realms of Pixel tier list – What are the best heroes in the game?
- Puzzles & Survival brings back Transformers for another collaboration, this time featuring Bumblebee
- ZEREBRO PREDICTION. ZEREBRO cryptocurrency
2024-11-14 13:14