Polkadot Price Analysis: $DOT Likely to Close in the Red

Polkadot ($DOT) will likely close in the red following a week of tumultuous movement, which saw it fall to a low of $3.98. $DOT has, however, recovered from its low and currently trades for $4.32. 

Polkadot ($DOT) is trading at $4.32 after falling to a low of $3.98 earlier this week. $DOT made a solid run to recover its lost ground but failed to break above $4.50 on Friday despite reaching $4.49. 

$DOT Trades in the Red

$DOT is trading in the red following a week of struggle between buyers and sellers. Polkadot looks to close the week in the red as buyers fail to take control of the week’s session. The altcoin took a knock on Sunday, registering a decline of 0.90% to settle at $4.40. The decline continued Monday as $DOT dropped 4.55% to slip below the 20-day SMA, settling at $4.20. Buyers gained market control on Tuesday, pushing $DOT back above the 20-day SMA to $4.29. Buyers could not hold the session; however, they forced $DOT back below its 20-day SMA and settled it at $4.16.

Intense selling pressure on Wednesday forced $DOT below its support and to a weekly low of $3.98. Strong demand, however, allowed buyers to enter the market, pushing $DOT back above $4 to eventually settle at $4.17.  

Wednesday’s marginal increase allowed buyers to push $DOT back above its 20-day SMA on Thursday to register a 2.16% increase. 

$DOT Attempts to Move Above $4.50

Friday saw buyers attempt to move $DOT above $4.50. The session saw $DOT rise to a high of $4.49, but sellers ultimately took control, pushing $DOT below its 50-day SMA to settle at $4.34. Saturday’s session saw buyers control the session and attempt a recovery. $DOT traded up and eventually closed at $4.46. Sellers, however, thwarted buyers’ attempts to recover, and $DOT is down by 1.89% in the current session.  

Polkadot Announces Agile Coretime

Polkadot announced the release of Agile Coretime, which resulted in a price jump during the week. Agile Coretime improves the efficiency, scalability, and flexibility of the Polkadot ecosystem and lowers the barriers to entry for builders.  

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.