Polkadot (DOT) has made a substantial recovery over the past couple of sessions, having pushed above the 20 and 50-day SMAs. It is currently trading around the $4.40 mark.
DOT is up almost 4% over the past 24 hours, with indicators showing the potential for a further increase. This means we could see the $4.50 level tested once again.
Polkadot (DOT) Recap
Polkadot (DOT) ended the previous week on a bearish note, something it hopes to avoid this week. DOT fell to a low of $4.09 last Sunday before settling at $4.16, a decline of 0.95%. The current week started on a very positive note for DOT, as it registered an increase of 5.05% to push above the 20 and 50-day SMAs and settle at $4.37. With DOT above the moving averages, DOT experienced significant volatility on Tuesday as sellers attempted to drag the price back below the 20 and 50-day SMAs while buyers attempted to push above $4.50. DOT eventually settled at $4.41 after reaching a day high of $4.53, an increase of 0.92%.
Source: TradingView
Buyers lost momentum on Wednesday as DOT fell back in the red, dropping by 2.04% to $4.32. However, buyers managed to keep the price above the 20 and 50-day SMAs. Selling pressure intensified on Thursday as sellers dragged DOT below the moving averages, with the price eventually dropping by just over 3% to settle at $4.19, but not before falling to a low of $4.15.
Another Substantial Recovery
After registering a significant decline on Wednesday and Thursday, DOT made a strong recovery on Friday, rising by 2.63% to push back above the 20 and 50-day SMAs and settle at $4.30. DOT’s recovery has continued during the ongoing session, with the price reaching an initial day high of $4.48 before dropping back. It is currently up by just over 2% and trading around the $4.39 price level. With buyers currently having momentum, we could see DOT push back towards $4.50 once again during the ongoing session. If buyers can push above this level, DOT could move to $5.
However, if DOT is rejected from this level again, we can expect the price to drop back to $4. Polkadot is showing potential for a jump, with the MACD indicating that bulls have the upper hand for now. DOT’s RSI is also currently at $53, a level that is not close to overbought, giving it plenty of room for a price jump before a correction could kick in.
Polkadot Announces Another Collaboration
Polkadot has continued to build new partnerships to expand its ecosystem. The protocol, one of the most prominent in the blockchain ecosystem, has announced a collaboration with Banxa and Polimec. The partnership aims to revolutionize users’ participation in Web3 initiatives by allowing them to use credit cards to make investments seamlessly. This means users can conveniently participate in Web3 projects. The partnership allows Polkadot to leverage the expertise of Polimec and Banxa. Polimec is a decentralized fundraising protocol, and Banxa is a fiat-to-crypto gateway platform.
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.
