Polkadot (DOT) has recovered to reclaim the crucial $5 price level as bullish sentiment returned to the markets, with the altcoin up almost 2% during the ongoing session.
DOT slipped below $5 on Thursday as sellers drove the price to an intraday low of $4.69. However, it recovered from this level, up almost 8% over the past 24 hours.
Polkadot (DOT) Reclaims Key Levels
Polkadot (DOT)’s price action has seen considerable movement since November 5 as it made a strong recovery after dropping below $4 and settling close to its multi-year support at $3.62. DOT recovered strongly and reclaimed $4 on November 6 after registering an increase of 6.48% to settle at $4.11. DOT moved above the 20-day SMA on November 7 after rising 1.46% and settling at $4.17. With bullish sentiment persisting, DOT moved past the 50-day SMA on November 8, rising by 3.60% and settling at $4.32.
Source: TradingView
The weekend saw a substantial uptick in bullish sentiment as DOT registered an increase of 7.18% on Saturday to go above $4.50 and settle at $4.63. Buying activity increased on Sunday as DOT surged over 14% to go above $5 and reach an intraday high of $5.48 before declining and settling at $5.24. DOT fell to a low of $4.98 on Monday as sellers attempted to drive the price below $5. However, DOT recovered from this level to surge past the 200-day SMA and $5.50 to settle at $5.71.
A Quick Decline And Recovery
DOT reached an intraday high of $5.84 as bulls set their sights on $6. However, buyers lost momentum and failed to push above $6, and sellers took control. As a result, DOT fell over 7% to slip back below the 200-day SMA and settle at $5.31. Buyers attempted a recovery on Wednesday but were unsuccessful as sellers pushed DOT down by 4.33% to $5.08. With bearish sentiment persisting on Thursday, DOT fell below $5, falling over 6% and settling at $4.77.
However, DOT rebounded from this level on Friday as it rallied 8.18% to reclaim $5 and settle at $5.16 as buyers returned to the market. The current session sees DOT up by almost 3% as buyers look to push the price above the 200-day SMA. If DOT can go above this level, it could make another attempt to test the resistance at $6. On the other hand, if sellers retake control, DOT could slip below $5 and drop to $4.50. A drop to $4 can be expected if sellers breach this level.
