Polkadot Price Analysis - October 27: DOT Rebounds After Hitting $4
Polkadot (DOT) experienced a sharp decline recently, wiping out the previous week's gains. The price dropped to $4 on Friday but has since recovered, now trading around the $4.10 mark.
DOT concluded the prior week on a positive note but took a significant hit on Monday, falling by 4.38%. Buyers made a brief attempt to lift DOT above the critical $4.50 threshold, reaching a high of $4.57 last week. The week began with a strong 5% gain on Monday, allowing DOT to surpass the 20 and 50-day SMAs, settling at $4.37. Tuesday brought intense market fluctuations, with DOT touching a low of $4.30 and a peak of $4.53 before ending the day at $4.41. However, momentum shifted mid-week, with sellers gaining the upper hand and pushing DOT down to $4.32. Thursday saw intensified selling pressure, driving DOT below both the 20 and 50-day SMAs, closing at $4.19 after a 3% drop.
Following several challenging sessions, DOT showed resilience on Friday, rallying above its 20 and 50-day SMAs with a 2.63% gain. This bullish sentiment continued into Saturday, as DOT increased by 2.84%, closing at $4.44. Sunday saw DOT breach the crucial $4.50 level, reaching a high of $4.59 before a slight pullback to $4.57, marking a 3.30% rise.
Polkadot (DOT) Enters a Corrective Phase
Despite a promising weekend, DOT’s momentum waned as Monday witnessed a 4.38% drop, pulling the price back below $4.50 to $4.37. Tuesday’s session was marked by volatility, with a tug-of-war between buyers and sellers. DOT climbed to an intraday high of $4.43, but sellers ultimately prevailed, pushing it down by 1.14% to $4.32. The bearish trend persisted on Wednesday, with DOT dipping to a low of $4.10 before closing slightly higher at $4.21. Thursday was similarly volatile, as DOT hit a low of $4.16 before closing at $4.20, a slight decline of 0.17%.
Friday saw a pronounced sell-off, with DOT dropping by 4.88% to a low of $3.90 before a modest recovery, ending the day at $4.00. Saturday’s session showed limited movement, though DOT briefly dipped below $4 to a low of $3.90, recovering slightly by 0.84% to close at $4.03. With solid support at $4, DOT is likely to attract buyers at these levels. However, should the price break below this support again, the altcoin could potentially test its long-term support around $3.62.
Currently, DOT is seeing renewed interest, with prices up approximately 2%, trading around the $4.10 range. This demand highlights strong buyer sentiment at these lows, potentially providing a foundation for a continued recovery.
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