POLKADOT Price Analysis 10-6: $DOT Manages to Stay Above $4
Polkadot ($DOT) managed to hold its position above $4 after a bearish week when the altcoin dropped to a low of $3.99 on Thursday.
Polkadot ($DOT) ended the week above $4 despite a bearish week, which saw $DOT dip to a weekly low of $3.99 on Thursday. $DOTs disappointing performance comes after a bullish week prior.
$DOT Struggles in a Bearish Week
Polkadot ($DOT) was bullish the previous week, reaching a high of $4.96 on Friday (September 27). Market onlookers were hopeful that $DOT would break above $5, but the altcoin was again rejected at this level. After a rejection at $5, $DOT fell into the red over the previous weekend. Polkadot ($DOT) dropped 2.04% on Saturday and a further 0.42% on Sunday, closing the week at $4.76.
Intense selling pressure on Monday forced $DOT down by almost 7%. $DOT dropped below its crucial $4.50 level, settling the session at $4.44.
Bearish market conditions followed on Tuesday, with $DOT registering a substantial drop of 6.31% to close the session at $4.16. $DOTs substantial decline on Monday and Tuesday saw the altcoin drop below the 20 and 50-day SMA. A volatile session on Wednesday saw a battle between buyers and sellers in which buyers attempted a recovery, and sellers tried to drive $DOT below its support at $4. Sellers were unable to push $DOT below $4, but despite buyers best efforts, $DOT registered a 1.44% decline and settled at $4.10. Continued bearish conditions on Thursday saw $DOT slip below its $4 support, falling to a daily low of $3.99. $DOTs strong support at $4 allowed buyers to counter selling pressure, and a marginal increase of 0.73% pushed the price to $4.13.
The Battle Between Buyers and Sellers Continues
$DOTs recovery on Thursday carried over into the next session. On Friday, $DOT registered a further increase of 1.45%, closing the session at $4.19. Saturdays session saw sellers regain control, with $DOT dropping 1.26%, closing the session at $4.13.
$DOT Fails to Push Above $4.20
Despite buyers stepping in on Sunday, $DOT could not break above $4.20. Todays session saw $DOT register a marginal increase of 1.19%, closing the session at $4.19.
Polkadot ($DOT) continues to trade between $4, which has strong support, and $5, which faces significant resistance. Despite a strong attempt, sellers were unable to push $DOT below $4. If sellers regain control and breach below this level, we could see $DOT fall to its multi-year support of $3.62.
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.
Read more: https://cryptodaily.co.uk/2024/10/polkadot-price-analysis-10-6-dot-manages-to-stay-above-4
Text source: Crypto Daily™
