Polkadot (DOT) continues to decline during the current session and has slipped below the 20 and 50-day SMAs. The price has been down by just over 3% in the past 24 hours and is currently trading around $4.21.
DOT’s price action is playing out in a familiar manner, with the altcoin unable to gather bullish momentum and push above key resistance levels.
A Strong Start To The Week
Polkadot (DOT)’s latest recovery began on Thursday when it registered a jump of 1.49% and moved to $4.08 after hitting a day low of $3.95. DOT continued its recovery on Friday, rising by 2.21% and moving to $4.17. Momentum stalled over the weekend as DOT rose to a day high of $4.26 before dropping and settling at $4.20, an increase of 0.72%. With sellers active at this level, DOT fell back on Sunday, dropping to a low of $4.09 before settling at $4.16 after a drop of 0.95% and ending the weekend on a bearish note.
Source: TradingView
Bullish sentiment picked up on Monday thanks to broader market sentiments. As a result, DOT registered a jump of 5.05% and surged past the 20 and 50-day SMAs to $4.37. DOT experienced significant volatility on Tuesday as sellers attempted to drag the price back below the moving averages. In contrast, buyers attempted to push above $4.50, with DOT reaching a day high of $4.53. However, DOT once again stalled at $4.50, and the price fell back to $4.41 after an increase of 0.92%.
Back In The Red
Despite pushing above $4.50 on Tuesday, DOT fell back in the red on Wednesday as bulls lost momentum. As a result, DOT dropped by just over 2% and fell to $4.32, settling just above the 20 and 50-day SMAs. Market watchers were hopeful of a recovery from this point. However, DOT continued to decline and is currently down by just over 3%, having slipped below the 20 and 50-day SMAs and trading at $4.29.
With Polkadot (DOT) Continue Decline?
Polkadot (DOT) is currently trading around the $4.20 price level, with sellers looking to drive the price lower. Market watchers are hopeful of a recovery from this level, but should DOT continue to decline, it could fall back to $4, a level that is expected to attract buyers once again. Polkadot’s network activities and partnerships are expected to spark a recovery, prompting many analysts to predict a recovery sooner rather than later.
Polkadot announced the JAM protocol in May, a potential replacement for the relay chain. It has also entered into various partnerships, including one with Inter Miami, one of the most prominent football clubs in America.
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.
