As a seasoned researcher with years of experience in the cryptocurrency market, I have witnessed numerous bull and bear cycles. The recent surge of Polkadot (DOT) has been particularly intriguing, as it demonstrates the resilience of this promising project amidst turbulent market conditions.
After experiencing significant fluctuations and resistance to buying, Polkadot (DOT) has once more aimed for $5. Remarkably, DOT has surged by nearly 14% since it dipped to a low of $3.98 just yesterday.
Observers anticipate that the latest surge in DOT‘s price might serve as a trigger, potentially propelling it above $5 – a threshold it has found challenging to surpass since early August.
Can Polkadot (DOT) Continue Rally?
After dipping below $4 on September 18 due to heavy selling, Polkadot (DOT) has made a remarkable comeback. Boosted by robust support, DOT regained $4 the next day and surpassed its 20-day Simple Moving Average (SMA). By Friday, DOT had reached a peak of $4.49, but intense selling pressure caused it to retreat to $4.34, marking an increase of 1.88%. On Saturday, DOT climbed to $4.46 and surpassed the 50-day SMA following a nearly 3% rise. However, sellers forced it down again on Sunday, causing DOT to drop below the moving average to $4.31.
In simpler terms, the sellers initially tried to push down DOT beneath its 20-day Simple Moving Average (SMA), but they ran out of energy and couldn’t achieve it. The new week began with DOT recovering, climbing by 3.48% and surpassing the 50-day SMA at $4.46. On Tuesday, bullish sentiment took over, causing DOT to rise more than 4%, breaking the $4.50 mark and ending the day at $4.64. On Wednesday, there was significant volatility as sellers tried to pull DOT back below $4.50 after it reached a high of $4.77. However, buyers stepped in to counteract the selling pressure, keeping DOT steady at $4.64 throughout the day.
Is $5 And Beyond A Possibility?
At present, DOT is experiencing a growth of more than 3%, aiming towards the $5 mark. Whether or not it will surpass this point is uncertain, as sellers are predicted to put up a strong fight. However, for now, the buyers are in command, attempting to challenge the bears’ resolve. Given that DOT has broken through a significant level at $4.50, it might potentially reach $5.1. Additionally, its RSI and MACD indicators suggest a bullish trend, reflecting optimistic feelings towards the asset. Furthermore, there’s been an increase in retail interest for DOT.
If the price doesn’t surpass $5, DOT might retreat to around $4.50 and potentially find some support there. If it falls further, it may reach $4.40 or even $4.20.
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2024-09-26 17:04