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Polkadot (DOT) is struggling to reclaim $4 as sellers continue to dictate market sentiment, with the altcoin currently trading at $3.91, down over 1% in the past 24 hours.
DOT slipped below $4 on Thursday after a substantial decline of over 5% and fell to a low of $3.89.
Polkadot (DOT) Remains Below $4
Polkadot (DOT) was bullish at the beginning of the week as buyers looked to push above the 20 and 50-day SMAs. After a significant drop last Friday, DOT recovered over the weekend, rising by 1% on Saturday and 2.48% on Sunday to settle at $4.13. Monday saw DOT encounter significant volatility as buyers and sellers attempted to establish control. As a result, DOT dropped to an intraday low of $4 and reached an intraday high of $4.22 before settling back at $4. Buyers took the initiative on Tuesday, pushing DOT up 1.45% to $4.19. Despite the positive sentiment, they could not push DOT above the 20-day SMA.
Source: TradingView
DOT faced selling pressure on Wednesday and fell to an intraday low of $4.12. However, it recovered from this level, registered a marginal increase, and settled at $4.20. DOT faced an increase in selling pressure at this level, thanks to the 20-day SMA acting as a dynamic level of resistance. As a result, DOT fell considerably on Thursday, dropping over 5% to slip below $4 and settle at $3.96. Sellers remained in control on Friday as DOT dropped to an intraday low of $3.85 before recovering and settling at $3.91, a decline of 1.26%. The current session sees DOT marginally up as buyers and sellers struggle to establish control.
What Next For Polkadot (DOT)?
So, where does Polkadot (DOT) go from here? Buyers will look to push DOT back above $4 and attempt to push above $4.20 and the 20 and 50-day SMAs. If it can go above these levels, we could see a retest of the resistance at $4.50. On the other hand, if sellers retake control, DOT could drop to its multi-year support of $3.62. Buyers are expected to defend this level, and we could see a recovery if DOT drops to this level. Despite DOT’s recent struggles, many analysts are bullish on the token’s long-term potential, stating a breakout is imminent.
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.
