Polkadot (DOT) registered a significant decline in recent days and is trading below $4. Bearish sentiment dominated the market, resulting in a substantial drop in the altcoin’s price.
DOT has dropped below the $4 level and is battling to hold its price.
Bullish Start to the Week
Polkadot (DOT) started the week on a bullish note as buyers attempted to push the price above the 20 and 50-day SMAs. DOT registered a significant decline last Friday but, with a marginal recovery over the weekend, settled the previous week at $4.13.
The current week began with a volatile session as buyers and sellers attempted to control Monday’s session. DOT dropped to a day low of $4 and reached a high of $4.22, eventually closing the session at $4. Buyers stepped in on Tuesday, pushing DOT to $4.19, but could not move it above the 20-day SMA.
DOT Registers Significant Decline
Buyers could not maintain their momentum, and DOT faced significant selling pressure on Wednesday, falling to a day low of $4.12. DOT, however, managed to recover from its low day, registering a marginal increase to settle at $4.20. The altcoin faced Intense selling pressure at $4.20, which resulted in a significant decline of 5% on Thursday. DOT dropped below its crucial $4 level to settle at $3.96. Selling pressure continued on Friday, which saw DOT drop to a day low of $3.85 before recovering and settling at $3.91, a decline of 1.26%.
DOT followed a similar trajectory on Saturday, dropping to a day low of $3.82 before recovering to settle the session at $3.9, a 0.10% decline. The current session sees DOT battle to make any ground. DOT dropped to a low of $3.67 before recovering to $3.78, a significant decrease of 3.11%.
Things are not looking great for DOT. The altcoin is in dangerous territory, just inches from its multi-year support of $3.62. Buyers will likely defend DOT at this level, and the altcoin should recover if it drops to its multi-year support.
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.
Credit: Source link
