Polkadot Price Analysis: $DOT Slips Below $5

Polkadot ($DOT) has dropped almost 15% in the past week, slipping below its crucial trading level of $5.00. At the time of writing, $DOT traded for $4.85. 

Buyers were unable to take control of Polkadot ($DOT), sending the coin down below its critical $5.00 trading level. 

Polkadot ($DOT) Unable to Stay Above $5.00

Unfortunately, Polkadot ($DOT) continued with the bearish momentum it had experienced over the past week. $DOT is trading down by almost 15% on the seven-day charts after bulls failed to take control of the market.

Severe sustained selling pressure lasting over a week continues to dominate Polkadot ($DOT). Due to the severe pressure, $DOT fell below its crucial $5.00 trading level and currently trades for $4.85. 

Sustained bearish momentum sent Polkadot on a downward spiral, which started on Saturday last week, pushing $DOT below $5.50. $DOT traded in the red throughout the week, dropping 1.05% on Monday and an additional 2.30% on Tuesday, which saw $DOT settle at $5.53. Wednesday’s session saw $DOT drop a further 2.53%, sending the price below $5.50 to settle at $5.39.

On Thursday, $DOT dropped to a low of $5.02, but strong demand at the price saw buyers push back to settle at $5.34 on Friday. $DOT, however, could not maintain this momentum, with $DOT ending the session at $5.01.

The current session sees $DOT down 5.27% to trade for an unfavourable $4.85.

Strong Demand for $DOT at $5

This week saw Polkadot ($DOT) rebound twice from $5, indicating strong support at this level. Buyers, however, are losing momentum as demand for $DOT at higher levels declines. Buyers must push $DOT above $5.50 for demand to pick up.

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.