Polkadot (DOT) registered a significant decline in recent days, erasing all the gains it had made the previous week. DOT dropped to $4 on Friday but recovered to trade in the $4.10 range.
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.
After a rough few days, which sent the altcoin into a spiral, DOT made a strong recovery on Friday, rising back above the 20 and 50-day SMA after an increase of 2.63%. Bullish sentiment continued the next day as DOT rose 2.84% on Saturday to close the session at $4.44. Buyers maintained the upper hand on Sunday, breaking through the crucial $4.50 level. During the session, $DOT reached a high of $4.59 before dropping back to $4.57, registering a 3.30% increase.
Polkadot (DOT) Back in the Red
After a bullish run over the weekend, buyers lost momentum yet again. Monday saw a 4.38% decline, pushing DOT below its crucial $4.50 level to settle at $4.37. A volatile session on Tuesday saw buyers and sellers fight for control as DOT rose to a day high of $4.43. Sellers won control of the session, pushing $DOT down by 1.14% to $4.32. Selling pressure intensified on Wednesday, and sellers dragged the price to a low of $4.10. However, DOT recovered and closed the session at $4.21. Another volatile session on Thursday saw the altcoin drop to a day low of $4.16. DOT registered a slight recovery before eventually closing the session with a marginal decline of 0.17% at $4.20.
Friday’s session saw sellers in complete control of the session, resulting in a massive decline of 4.88%. DOT dropped to a day low of $3.9 before slightly recovering to close the session at $4.00. DOT did not see much movement on Saturday but briefly dipped below $4 to a day low of $3.9 before making a marginal recovery. DOT gained 0.84% throughout the day to settle at $4.03. DOT has strong support at $4, but if sellers push the price below this level again, we could see the altcoin drop to its multi-year support of $3.62.
Strong demand for DOT at these low levels results in buyers stepping in. In the current session, DOT is up by around 2%, trading in the $4.10 range.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.