POLKADOT Price Analysis 10-11: Can DOT Reverse Its Recent Bearish Trend?

Polkadot (DOT) has struggled during the market’s latest downturn, with its price turning bearish after another failed attempt to conquer the $5 price level.

Since the past week, DOT has struggled to push above $4.20, as intense selling pressure and growing bearish sentiment weigh down on the asset’s price.

Polkadot (DOT) Endures Bearish Week

Polkadot (DOT) recovered on Thursday despite falling to a day low of $3.99, as buyers mounted a recovery. As a result, DOT reclaimed $4 but only registered a marginal increase of 0.73% to settle at $4.13. This hinted that bullish momentum was weak at best. DOT continued to recover on Friday, registering a rise of 1.45% to settle at $4.19. However, the weekend began on a negative note as DOT dropped by 1.19% to $4.14 before recovering on Sunday to register an increase of 1.21% and move to $4.19.

Source: TradingView

The current week began with DOT attempting a move towards $4.50. However, it could only push to $4.27 before sellers took control and pushed the price back down. DOT eventually dropped by 1.43% and settled at $4.13. DOT continued to decline on Tuesday after facing considerable volatility, dropping by 0.73% and settling at $4.10.

Another False Dawn?

Bearish sentiment intensified on Wednesday as DOT fell below the crucial $4 support level, falling to an intra-day low of $3.95. Buyers eventually pushed DOT back above $4, and it settled at $4.02 after a drop of almost 2%. Sellers pushed DOT below $4 once again on Thursday, but buyers countered the selling pressure thanks to strong support at this level. As a result, DOT recovered, increasing 1.49% to move to $4.08. The current session sees DOT up by almost 1% as buyers look to push DOT toward $4.20.

But will DOT be able to sustain this recovery? Besides being unable to push above $5, DOT has struggled to move above $4.50 and, more recently, $4.20, being dragged down from this level earlier this week. As a result, DOT is struggling to gain momentum and break above key levels. Buyers must ensure DOT stays above $4 for any bullish momentum to build. A drop below this key level would mean more losses as DOT would likely drop to its multi-year support level of $3.62.

If buyers manage to build momentum, they must first push above $4.20 and the 20 and 50-day SMAs to get past the $4.50 level, not an easy task. A break above these levels could se

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Author: Amara Khatri

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