POLKADOT Price Analysis 11-8: DOT Eyes $4.50 As Bullish Sentiment Returns

by

As a seasoned crypto investor with over a decade of experience navigating the volatile digital asset market, I find myself cautiously optimistic about Polkadot (DOT) following its impressive 4% surge during today’s session. The resurgence of DOT has been quite remarkable, considering it plummeted to an intraday low of $3.65 just a few days ago.

During this session, Polkadot (DOT) has seen a nearly 4% increase, buoyed by optimism in the market after Donald Trump’s clear win in the U.S. presidential elections.

After initially dipping below $4 and reaching a daily low of $3.65 on Sunday, DOT has managed to regain significant positions by rebounding to key levels.

Polkadot’s (DOT) Sharp Decline

Last Thursday, Polkadot showed signs of turning bearish when it failed to surpass its 20-day Simple Moving Average, resulting in a nearly 6% decrease that pushed the price below $4 to $3.95. Attempts by buyers to recover on Friday were met with selling pressure, causing Polkadot to further drop to $3.91, a decline of 1.01%. Over the weekend, sellers remained in control, causing a slight decrease in price on Saturday to $3.80. The bearish sentiment grew stronger on Sunday as Polkadot plunged to an intraday low of $3.65, bringing its long-term support level of $3.62 into question. However, Polkadot managed to recover from this level slightly and closed at $3.78, marking a decline of more than 3%.

On Monday, sellers maintained their hold as buyers’ attempts at a comeback fell short, resulting in a 0.79% decrease in the price of DOT, which closed at $3.75.

Bullish Sentiment Returns

On Tuesday, Polkadot (DOT) experienced a significant change in direction as the market turned optimistic. As investors started buying, DOT climbed nearly 3%, peaking at $3.92 before settling at $3.86. The bullish mood intensified on Wednesday, driving DOT up by 6.48% and propelling it above $4 to settle at $4.11, just below the 20-day Simple Moving Average (SMA), which served as a dynamic resistance point. On Thursday, DOT dipped to a low of $4.05 but was supported by buyers, causing it to rise by 1.46% and surpass the 20-day SMA, settling at $4.17. In today’s trading session, DOT is up over 3%, above the 50-day SMA, and currently valued at $4.30. The price chart shows that earlier in the day, DOT reached an intraday high of $4.39 before falling back to its current levels.

Moving forward, what can we expect for DOT? Given the robust bullish momentum suggested by RSI and MACD, buyers are poised to increase their efforts, targeting a potential price of $4.50. If market conditions remain favorable, DOT might even exceed the current resistance level and attempt a test at $5. Some experts on platform X have noted that DOT is demonstrating signs of consolidation. Should DOT successfully break free from its present wedge formation, analysts predict it could skyrocket to $10.

Even though there’s a positive outlook, DOT encounters significant obstacles around $4.50 and $5. These price points are likely to be fiercely guarded by sellers, making it difficult for DOT to advance beyond this resistance.

Hyperbridge Launches On Polkadot

In the meantime, Polkadot achieved another significant step as Hyperbridge, an eagerly awaited blockchain interoperability solution, was launched on its platform. Notably, Hyperbridge is initially compatible with Ethereum, Optimism, Base, Arbitrum, BNB Chain, and Gnosis.

Read More

2024-11-08 17:03