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POLKADOT Price Analysis 10-17: DOT Continues Slide Towards $4

POLKADOT Price Analysis 10-17: DOT Continues Slide Towards $4

Table of Contents

  1. A Strong Start To The Week
  2. Back In The Red
  3. With Polkadot (DOT) Continue Decline?

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.

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