The post Polkadot Price Analysis: Can Bulls Prevent DOT From Slipping Below $5? appeared on BitcoinEthereumNews.com.

Polkadot is on the verge of a crucial trading level, with the price testing the $5 level. DOT has dropped by almost 12% over the past week and could break lower than $5 should buyers fail to counter the selling pressure. DOT is currently in a descending channel pattern, which is typically followed by higher prices, but only if the price can cross above the upper trend line. Polkadot (DOT) Looks To Stay Above $5 Polkadot (DOT) is attempting to stave off selling pressure that has dominated since last Saturday as buyers attempt to keep the price afloat above $5. DOT had been trading between $5.50 and $6.50 since the beginning of June. However, bears have overwhelmed the lower end of this range, with the price slipping below $5.50 this week. DOT, which was already on a downward trajectory, has been in the red all week after sellers thwarted buyers’ attempts to push toward $6. DOT fell by 1.05% on Monday and a further 2.30% on Tuesday to settle at $5.53. Source: TradingView The price slipped below $5.50 on Wednesday after a drop of 2.53% yanked DOT down to $5.39. Selling pressure intensified on Thursday, as seen in the chart above. Sellers pushed DOT down to a low of $5.02. However, thanks to strong demand at this level, DOT was able to push back and settle at $5.34, a decline of 0.93%. DOT could not recover on Saturday as well, as the price fell by 4.12% to $5.12. The current session sees DOT up by 1.17% as buyers enter the market close to its support level. Can Buyers Retake Control? Polkadot (DOT) has rebounded from $5 twice over the past couple of sessions and has done so during the ongoing session. This indicates strong support and demand at this level.…

---

Filed under: News - @ August 5, 2024 12:20 am