Polkadot (DOT) Price Analysis: Bearish Sentiment Pushes DOT Below $5

$Polkadot ($DOT

DOTUSDT

has faced significant selling pressure this week, erasing much of its recent gains and slipping below the $5 mark. Despite the U.S. elections, bearish momentum has returned, challenging DOT's upward trajectory.

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Key Price Levels & Weekly Highlights

1. Recent Highs: DOT surged to $5.48 after a strong post-election rally, recovering from $3.65.

3. Support & Resistance:

Support: Key support at $4.50 remains in focus if sellers persist.

Resistance: Buyers need to reclaim $5.00 and push beyond $5.50 for bullish continuation.

20, 50, and 200-Day SMAs: DOT initially broke through these critical levels during its rally but failed to hold above the 200-day SMA, signaling a bearish reversal.

Bearish Indicators: The inability to sustain gains above $6 suggests a loss of bullish momentum and increased control by sellers.

Fundamental Insights: New Accounts Surge

Polkadot's fundamentals show promising growth:

Spike in New Accounts: The network added over 5,000 new accounts in a single day on November 10, marking a 150% increase and signaling rising adoption.

Social Sentiment: A parabolic rise in accounts reflects increased attention from both retail and institutional investors, which could bolster future price action.

Bullish Scenario: If buyers regain control and maintain momentum, $DOT could reclaim $5.00 and retest the 200-day SMA at $5.50. A sustained move above $5.50 could drive prices toward $6.00 and beyond.

Bearish Scenario: Continued selling pressure might pull $DOT down to $4.50, a critical support level. A break below could lead to further declines.

Conclusion

Polkadot remains at a crossroads, with growing adoption supporting its long-term fundamentals while short-term price shows weakness. Traders should watch the $5.00 resistance and $4.50 support levels closely for signs of a breakout or breakdown

Well I still think that 100 $ is an achievable target

Disclaimer please do your own research.

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