As the week draws to a close, Polkadot’s $DOT is trading in the red, reflecting a challenging battle between buyers and sellers. The altcoin has struggled to maintain momentum, finishing the week with a series of ups and downs that have left investors anxious.
A Rocky Start To The Week
The troubles began on Sunday, when $DOT recorded a decline of 0.90%, settling at $4.40. The downward trend continued into Monday, with a further drop of 4.55%, pushing $DOT below its 20-day simple moving average (SMA) to $4.20. Although buyers momentarily regained control on Tuesday, managing to lift $DOT back above the 20-day SMA to $4.29, the gains were short-lived. By the end of the session, selling pressure forced the price back down to $4.16.
Wednesday’s Low and Brief Resurgence
Midweek brought intense selling pressure, causing $DOT to hit a weekly low of $3.98. However, strong demand quickly emerged, allowing buyers to push the price back above $4, ultimately settling at $4.17. This minor recovery prompted a renewed sense of optimism among investors.
Thursday’s trading session showed a glimpse of resilience, with $DOT increasing by 2.16%, regaining its position above the 20-day SMA. Yet, this upward trajectory faced immediate resistance.
In the midst of these fluctuations, Polkadot made headlines with the announcement of Agile Coretime. This new upgrade promises to enhance the efficiency, scalability, and flexibility of the Polkadot ecosystem, lowering barriers for builders and potentially attracting more projects to the platform. The announcement spurred a brief price jump, offering a glimmer of hope for $DOT investors.
The Tug-of-War Continues
On Friday, buyers pushed $DOT to a high of $4.49 in an effort to breach the $4.50 resistance level. Unfortunately, sellers reasserted their dominance, forcing the altcoin back below its 50-day SMA to close at $4.34. Despite a valiant effort from buyers to reclaim lost ground, Saturday’s session saw $DOT trading up to $4.46 before sellers struck again, leading to a current session decline of 1.89%.
Also Read: Polkadot 2.0 – Agile Coretime Spurs 8% DOT Surge, Boosts Developer Flexibility
As Polkadot navigates this turbulent market landscape, the focus remains on whether buyers can sustain momentum in the face of persistent selling pressure. The Agile Coretime upgrade could serve as a catalyst for future growth, but until $DOT can establish a solid foothold above key resistance levels, uncertainty will likely linger.
In a market characterized by volatility, investors will be watching closely to see if Polkadot can reclaim its upward trajectory or if sellers will continue to dominate. For now, the struggle between buyers and sellers underscores the ongoing challenges faced by $DOT as it seeks to stabilize and grow.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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