POLKADOT Price Analysis: DOT Remains Below $4

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As a seasoned crypto investor with over a decade of experience in this volatile market, I’ve seen more than my fair share of ups and downs. The current situation with Polkadot (DOT) is reminiscent of a rollercoaster ride – exhilarating highs followed by gut-wrenching lows.

In recent times, the value of Polkadot (DOT) has noticeably dropped, currently trading under $4. The overall feeling among investors has been pessimistic, causing a steep decrease in the price of this cryptocurrency.

DOT has dropped below the $4 level and is battling to hold its price.

Bullish Start to the Week

At the start of this week, Polkadot (DOT) showed a positive trend as investors aimed to push its price beyond the 20 and 50-day Simple Moving Averages. However, DOT experienced a substantial drop on Friday, but managed to slightly rebound over the weekend, ending the previous week at $4.13.

This week started off with a turbulent trading day as both buyers and sellers fought for control during Monday’s session. DOT dipped to a daily low of $4 and peaked at $4.22, ending the day at $4. Strong buyers entered the market on Tuesday, driving up DOT to $4.19, but they failed to push it above the 20-day Simple Moving Average (SMA).

DOT Registers Significant Decline

On Wednesday, DOT experienced heavy selling, dipping to a daily low of $4.12. However, it managed to rebound slightly, ending the day at $4.20. Despite this recovery, DOT faced intense selling again at $4.20, leading to a substantial drop of 5% on Thursday, bringing the price down to $3.96. The coin continued to struggle under selling pressure on Friday, reaching a low of $3.85 before recovering slightly to close at $3.91, marking a decline of 1.26%.

 

On Saturday, DOT experienced a trajectory similar to the previous one, reaching its lowest point at $3.82 and then rebounding to close the day at $3.90, representing a 0.10% drop. In this current session, DOT is struggling to gain any traction; it fell to $3.67 before recovering slightly to $3.78, marking a substantial decrease of 3.11%.

As a researcher analyzing the crypto market, I find myself expressing concern about the current state of DOT. This altcoin appears to be teetering precariously close to its long-standing support level of $3.62. However, I remain optimistic that dedicated buyers will step in to safeguard this crucial price point. If DOT does drop to its multi-year support, it’s reasonable to anticipate a recovery afterwards.

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2024-11-04 08:37