1. Current Decline:
Polkadot (DOT) experienced a significant decline of 3.50% over the past 24 hours, bringing its price down to $4.41 after briefly crossing $4.50 over the weekend.
2. Price Volatility:
Last week, DOT's price showed volatility. It rose by 5.05% on Monday to $4.37, surpassing the 20 and 50-day SMAs, but fluctuated throughout the week with highs of $4.53 and lows of $4.30 due to competing buyer and seller activity.
3. Midweek Drop:
After gaining early in the week, DOT turned bearish midweek, dropping below key moving averages to $4.19 on Thursday, signaling a loss of buyer momentum.
4. Weekend Rebound
DOT rebounded strongly over the weekend, rising by 4.44% on Saturday and pushing above $4.50 on Sunday to $4.57, sparking optimism among market participants.
5. Renewed Decline:
Despite the weekend rally, sellers regained control as the new week began, driving DOT back below $4.50 with a 4.38% drop on Monday. DOT currently trades at $4.36, down 0.23%, as sellers attempt to push it below the 50-day SMA.
6. Potential Outlook:
Buyers are trying to defend DOT at the 50-day SMA, with a bullish MACD and RSI suggesting potential retesting of the $4.50 resistance. However, if sellers succeed in dragging the price below the moving averages, DOT could decline further toward $4.
In conclusion, Polkadot (DOT) continues to experience fluctuating price action, with buyers and sellers in a constant tug-of-war. After a volatile week of gains and losses, the token’s ability to hold above key moving averages, especially the 50-day SMA, will determine its short-term trajectory.
With bullish indicators like the MACD and RSI still in play, there’s potential for DOT to retest the $4.50 resistance level. However, if sellers gain the upper hand, the price could fall back toward the $4 mark, making the upcoming sessions crucial for its market direction.
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