Polkadot (DOT) has made a modest recovery during the ongoing session and is currently up by almost 1.50% as it looks to push above the moving averages and chart a path back to $4.50.
DOT had risen to a day high of $4.53 on Tuesday but fell back, having been rejected yet again from this level.
Polkadot (DOT)’s Climb To $4.50
Polkadot (DOT) rebounded from its support levels on Thursday, rising by 1.49% and settling at $4.08. Its recovery continued on Friday as consistent buying activity pushed DOT up by 2.21% to $4.17. DOT attempted to push towards $4.50 over the weekend as it quickly rose to a day high of $4.26. However, sellers dragged the price down to $4.20, with DOT only posting an increase of 0.72%. Despite a positive showing, DOT fell back into the red on Sunday as sellers attempted to drive the price back towards $4. As a result, DOT fell to a day low of $4.09 before settling at $4.16, a decline of 0.95%.
Source: TradingView
DOT began the current week on a bullish note, registering an increase of just over 5% on Monday to go past the 20 and 50-day SMAs and settle at $4.37. Tuesday saw significant volatility as buyers and sellers attempted to take control of the market. Buyers attempted to push above $4.50, while sellers attempted to drag DOT back below the 20 and 50-day SMAs. As a result, DOT fell to a low of $4.30 before recovering and reaching a day high of $4.53. However, with strong selling pressure at this level, DOT fell back, settling at $4.41 after managing an increase of 0.92%.
Yet Another Decline And Recovery
Despite making a strong start to the week and testing the resistance at $4.50, buyers lost momentum on Wednesday as sellers assumed control. As a result, DOT fell back by 2.04% and dropped to $4.25. Market watchers were hopeful of a recovery from this level. Instead, sellers continued to dominate as bearish sentiment intensified on Thursday, with DOT dropping below the 20 and 50-day SMAs to $4.19 after sellers dragged the price down by 3.01%. However, DOT has recovered during the current session and is up by 1.43%, trading at $4.25, having pushed above the 20-day SMA.
So, can DOT continue its recovery and push back to $4.50, or will we see yet another decline? For now, buyers must push DOT back above the 20 and 50-day SMAs for a move to $4.50 to materialize. However, if DOT cannot push above the moving averages, it means buyers are losing momentum and sellers are gaining the upper hand. If sellers retake control of the session, we can expect DOT to drop to $4. Buying activity could pick up at this level, allowing DOT to rebound.
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.
