"POLKADOT Price Analysis: $DOT rebounds above $4.50"

"POLKADOT Price Analysis: $DOT rebounds above $4.50"

Polkadot ($DOT) has surged beyond $4.50, rising over 3% in the current session. After a bullish week, it has surpassed the 20 and 50-day SMAs. With this upward momentum, $DOT aims to close the week on a strong bullish note.

$DOT Weekly Recap

Polkadot ($DOT) ended last week on a bearish trend, hitting a low of $3.95 on Thursday. The altcoin had dropped to $4.09 last Sunday but managed a slight recovery, closing at $4.16, marking a 0.95% decline. Despite the previous week's bearish close, $DOT started this week on a positive note, gaining 5.05% on Monday, which pushed it above the 20 and 50-day SMAs to reach $4.37. Tuesday's volatile session saw sellers trying to dip $DOT below its moving averages, while buyers aimed to push it past $4.50. After a tug-of-war, $DOT paused at $4.50, closing at $4.41 with a 0.92% rise.

On Wednesday, buyers lost momentum, causing a more than 2% drop to $4.32. The altcoin remained slightly above its moving averages, with market watchers hoping for a rebound. However, increased selling pressure on Thursday pushed $DOT below its 20 and 50-day SMAs, with sellers dragging it down over 3% to settle at $4.19.

Polkadot ($DOT) Makes Significant Recovery

After experiencing a sharp decline on Wednesday and Thursday, $DOT rebounded significantly on Friday, rising 2.63% to close at $4.30, surpassing its moving averages. The recovery continued on Saturday, with a 2.84% increase, ending the session at $4.43. $DOT approached the $4.50 mark, hitting a high of $4.48 before a slight pullback.

Today, buyers sustained the upward momentum, successfully breaking the key $4.50 barrier. $DOT peaked at $4.59 during the session, settling slightly lower at $4.57, marking a 3.30% gain. With the current bullish trend and a breakthrough above $4.50, $DOT could potentially reach $5. Technical analysis indicates that bulls are in control, suggesting a possible surge for Polkadot.

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.