The post Polkadot Price Analysis: DOT Rebounds From Critical Support Level appeared on BitcoinEthereumNews.com.

Polkadot (DOT) tested its support level on Friday after spending almost all week in the red. However, DOT was able to bounce off its support level as it continues to find buyers around the $4.20 price level. Traders and market watchers are closely monitoring the $4 and $4.20 price levels, which have emerged as key psychological support levels. A Difficult Week For Polkadot (DOT) Polkadot (DOT) has endured a bearish week since dropping into the red on Sunday, ending the previous week with a 3.21% drop. As buyers lost steam, sellers could regain control, and DOT dropped over 5% on Monday, slipping below the 20-day SMA and settling at $4.56. Buyers attempted to re-establish control on Tuesday as DOT rose to a day high of $4.66. However, sellers thwarted the recovery attempt, and DOT fell back in the red for the third consecutive day, losing the $4.50 level and settling at $4.38. Wednesday saw a continuation of selling pressure as DOT fell by 2.74% to $4.26, as sellers looked to drive the price below the $4.20 support levels. Source: TradingView With DOT close to its support level, buyers attempted another recovery on Thursday, pushing DOT to a day high of $4.40 as they looked to reclaim $4.50. However, with demand drying up at higher levels, DOT fell back once more, registering a marginal drop of 0.23%. Crucially, buyers kept DOT above the support level at close. DOT tested the support level on Friday as sellers yanked the price to a day low of $4.10. Sellers lost steam as buyers entered the market between $4 and $4.20, pushing the price up to $4.29 after an increase of 0.94%. The current session sees DOT up by 0.70%, trading at the $4.32 mark. If buyers can sustain this recovery, they will look to…

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Filed under: News - @ August 31, 2024 12:26 pm