Polkadot (DOT) is back in the red during the current session after failing to break above the $4.50 level once again on Friday, despite reaching a day high of $4.49.
Polkadot recently announced the release of Agile Coretime, which significantly boosts network performance and is being hailed as one of the key foundations of Polkadot 2.0.
Polkadot (DOT) Starts Week In The Red
After an impressive recovery during the week, Polkadot (DOT) is back in the red during the current session, although only marginally, as buyers and sellers struggle to gain the upper hand. Despite the promising week, unless buyers can retake control, DOT will end the week as it started, on a negative note. As we can see in the price chart, DOT ended the previous week, posting a decline of 0.90% to settle at $4.40. It continued to drop on Monday, registering a drop of 4.55% to slip below the 20-day SMA and settle at $4.20. Buyers attempted a recovery on Tuesday as DOT pushed back above the 20-day SMA, rising to $4.29. However, sellers were able to retake control and push the price back below the 20-day SMA. DOT eventually registered a drop of 0.95% and settled at $4.16.
Midweek Recovery
Polkadot (DOT) continued to experience selling pressure on Wednesday as sellers dragged it to a day low of $3.98. However, demand picked up as DOT fell to its support levels, and buyers pushed DOT back above $4. DOT eventually registered a marginal increase and settled at $4.17. Buyers continued to control the session as crypto markets rebounded on Tuesday following the Fed’s rate cut. As a result, DOT pushed back above the 20-day SMA after an increase of 2.16% and settled at $4.26. Friday saw DOT attempt a move past $4.50 and the 50-day SMA. Buyers initially saw success as DOT rose to a day high of $4.49. However, with sellers active at $4.50, buyers lost momentum, and DOT fell back below the 50-day SMA to settle at $4.34, managing an increase of 1.88% despite the strong selling pressure.
Source: TradingView
Can Sentiment Around Polkadot (DOT) Change?
The current session finds DOT back in the red, down by 0.50% and trading around $4.32. It faces strong resistance at $4.50, with the downward-sloping 50-day SMA also acting as a dynamic resistance level. If DOT can push and close above these levels, a rally to $5 could be possible. Whether it can go above this level remains to be seen. On the other hand, if sellers retain control, we could see DOT drop to $4.20. Here, the price could stabilize. However, if DOT continues to drop, it could fall to $4.
Market watchers hope the release of Agile Coretime will trigger bullish sentiment. Agile Coretime improves the efficiency, scalability, and flexibility of the Polkadot ecosystem, lowering the barrier to entry for builders. The announcement resulted in a price jump during the week.
“Coretime makes it easier + more cost-effective for projects of all sizes (including solo devs!) to access the resources they need when they need them. Larger projects with high demand can leverage Polkadot via Bulk Coretime sales that provide constant computational resources for up to 28 days in advance, while projects with more unpredictable needs can purchase On-Demand Coretime.”
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.