Polkadot (DOT) takes a tumble as bears fiercely defend the $7.5 mark, causing a 5% drop to $7.19 in the middle of the week.
Polkadot (DOT) Registers Drop From $7.5
The price of Polkadot (DOT) took a dramatic tumble from its peak of $7.62, as a fierce battle between the bulls and bears ensued at the 200-day SMA. The previous week ended on a somber note for DOT, with a 3.21% drop on Sunday, causing it to plummet to $6.93.
However, just when all seemed lost, the 20-day SMA swooped in to save the day, providing a much-needed support for the struggling coin. And just like a phoenix rising from the ashes, DOT bounced back with a vengeance as bullish sentiment flooded the market. With a whopping 9.38% surge, buyers took charge and propelled DOT to new heights, surpassing the 20-day, 50-day, and 200-day SMAs with ease, reaching an impressive $7.58.
The battle was fierce on this pivotal resistance level. In a whirlwind of activity on Tuesday, DOT managed to eke out a small 0.53% gain. But just as hope was rising, the tides turned on Wednesday as sellers took the reins, sending DOT tumbling by a staggering $7.46.
The bears held strong on Thursday, dragging DOT to a low of $6.91 and breaking through the 50 and 20-day SMAs. Yet, in a surprising twist, DOT fought back and climbed back above $7, although still suffering a 3.49% loss and settling at $7.20, just above the 50-day SMA.
Excitement filled the air on Friday as DOT made a slight but significant climb, amidst a rollercoaster of a day that saw its value soar to $7.39 and then plummet to $7.02, only to finally settle at $7.25. Miraculously, DOT managed to hold above the $7 mark, a promising sign that support is strengthening at the 5-day SMA.
As the current session unfolds, DOT sits at $7.29, showing a 0.55% increase. With buyers still in the driver’s seat, all eyes are on the possibility of DOT breaking through the $7.50 resistance once more.
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Could Polkadot (DOT) See Another Decline?
Take a look at the mesmerizing Polkadot (DOT) price chart and witness the unwavering support level at $6. Despite a dip on Thursday, DOT has managed to find its footing at the 50-day SMA, a clear sign that eager buyers are flocking to the market.
But the journey doesn’t end there – the next hurdle awaits at $7.50, a resistance level that has already been put to the test. With the 50-day SMA gaining strength as a solid support, the possibility of DOT conquering this level again is not far-fetched.
Exciting possibilities await for DOT as it continues to navigate the volatile market. While currently hovering around $7, a potential price drop to $7.20 or $7 could shake things up.
However, if DOT manages to break through the resistance at $7.50, the sky’s the limit with a potential climb to $8 or beyond. This week, DOT tantalizingly approached the $7.50 mark, but alas, the bears were able to hold it back. Yet, all hope is not lost as the MACD indicator shows promising bullish signs.
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.