Polkadot price analysis: Bearish sentiment dominates. Can DOT hold above $7?

The Polkadot (DOT) price surged towards the coveted $7.60 mark, only to be met with a formidable barrier. Despite its valiant efforts, the price was forced to retreat and succumb to a downward spiral, plummeting below the $7 threshold in the subsequent trading sessions.

Can Polkadot (DOT) Hold Above $7

The vibrant and colorful world of Polkadot (DOT) was recently shaken by a fierce battle between buyers and sellers at the $7.60 mark. In a dramatic turn of events, the price of DOT took a sharp nosedive, sending shockwaves through the market.

Currently, DOT finds itself trapped in a tight range, with the formidable $7.60 resistance looming overhead. This level also happens to coincide with the 200-day Simple Moving Average, adding to its strength.

Conversely, the $6.40 support acts as a safety net for DOT, preventing it from falling further. However, on May 21, DOT faced a brutal rejection at $7.60, causing it to plummet to $7.20 by the 23rd, slipping below the 200-day SMA in the process.

The latest market report shows that DOT has been on a wild ride, but managed to find stability at the 50-day SMA with a respectable 0.69% boost on the 24th. But that’s not all, folks. The very next day, DOT soared to a whopping $7.42, reaching the top of its price range. Looks like this digital asset is on a serious upward trajectory.

Markets were abuzz on the 26th as buyers held tight to the reins while DOT soared to new heights, surpassing the 200-day SMA at $7.55. The week kicked off with a thrilling rollercoaster ride for DOT, reaching a peak of $7.78 and a low of $7.37 before eventually stabilizing at $7.63. But just when it seemed like smooth sailing, a sharp descent on Tuesday sent DOT tumbling below the 200-day SMA and closing at $7.36.

The middle of the week brought a fierce battle between buyers and sellers as DOT surged to $7.56. Despite their efforts, buyers couldn’t break through the 200-day SMA as sellers swooped in and sent the price tumbling to $7.17. The bearish trend continued on Thursday and Friday, with DOT sinking even lower to $6.97, leaving traders on edge.

Reviving from its previous decline, DOT has successfully overturned the bearish trend in a thrilling session, bouncing back from the critical $7 mark. The current price surge of 1% has propelled it to trade at $7.04, showcasing its resilience and determination.

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Another Decline For Polkadot (DOT)?

Take a look at the mesmerizing Polkadot (DOT) price chart, where the asset is currently trapped within a fierce battle between bulls and bears. The upper limit of this battleground stands tall at $7.60, while the lower limit holds strong at the $6.40 support level.

Polkadot price analysis chart

To break free from this intense range, DOT must make a bold move beyond these levels. Currently, DOT is hovering just above the $7 milestone, but if the buyers take charge of the current session, we could witness a thrilling ascent to $7.20 and then to $7.50, where the 200-day SMA awaits to challenge its strength.

The fate of DOT hangs in the balance as sellers threaten to push it below the crucial $7 mark. Brace yourselves, because if this support level crumbles, we could witness a steep plunge to $6.40. The stakes are high, folks.

DOT is teetering on a tightrope, and any misstep could result in a major dip. But don’t lose hope just yet. If DOT manages to hold above $7, we may witness a period of sideways movement before a potential comeback.

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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