(DOT) Price Analysis

Polkadot (DOT) has plunged 15% over the past week as bears have tightened their grip on the market. DOT fell to an intraday low of $4.92 in the current trading session but has since recovered and is back above $5. The cryptocurrency had risen to $6.52 on Tuesday but encountered strong selling pressure at these levels. As a result, it fell nearly 7% on Wednesday to close just above $6. However, sellers continued to control the market, causing DOT to fall 8.57% on Thursday. This caused it to fall below $6 and the 20-day EMA and stabilize at $5.55, just above the $5.50 support level.

DOT fell nearly 4% in the current trading session and broke below the $5.50 support level. DOT had fallen to an intraday low of $4.92 but has recovered above $5, indicating strong buying demand at lower levels. If buyers can reclaim $5.50, we may see DOT consolidate and then rush to $6.

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