#Write2earn #Polkadot #DOT PRICE ANALYSIS: HOLDING STRONG ABOVE $7 AMIDST MARKET FLUCTUATIONS #Altcoins #Dot........ $DOT

Polkadot (DOT) has experienced a slight 4% dip in its price within the last 24 hours. Nevertheless, despite this decline, DOT has managed to maintain its position above the critical $7 mark.

Over the past week, despite the recent downturn, DOT has surged by nearly 9%, prompting analysts to forecast a significant price surge in the near term.

Polkadot (DOT) Holds Firm at $7
DOT has witnessed significant activity since April 30th, when its price plummeted to $6.06 during a highly volatile trading session. However, DOT bounced back, reclaiming its support level at $6.40 and closing the session at $6.42. Subsequently, DOT made a robust recovery, climbing by 7.48% to reach $6.90. Despite its efforts, DOT struggled to breach the $7 mark due to the 20-day SMA acting as formidable resistance. Yet, on Thursday, DOT successfully surpassed both the 20-day SMA and the 200-day SMA, reaching $7.29 as buyers drove the price higher.

In the following sessions, DOT experienced slight declines of 0.55% and 1.66%, slipping back below the 200-day SMA. Nonetheless, it managed to hold above $7, settling at $7.13. Sunday saw a resurgence in buyer activity, pushing DOT up by 2.52% to $7.31.

Despite this positive movement, the start of the current week saw DOT back in the red, dropping to $7.13 and falling below the 200-day SMA.

However, with the 20-day SMA providing strong support at $7, DOT has regained momentum during the current session and is presently trading at $7.17.

What Lies Ahead for Polkadot (DOT)?

Looking ahead, the 20-day SMA serves as robust support at $7, attracting buyers to the market. In the immediate term, DOT faces resistance at $7.24, attributed to the 200-day SMA. Any substantial upward movement would necessitate breaking through this resistance level first. If DOT manages to surpass the 200-day SMA, it could test resistance at $8.