Polkadot (DOT) has recovered from dropping below $4 to reclaim $5 as a result of bullish sentiment returning to the markets. DOT has been moving considerably since November 5, falling below $4 before settling near its multi-year support at $3.62. However, it recovered strongly, reclaiming $4 on November 6 with an increase of 6.48% to settle at $4.11.
By November 7, DOT moved above the 20-day SMA, rising 1.46% to settle at $4.17. With continued bullish sentiment, DOT passed the 50-day SMA on November 8, rising 3.60% to settle at $4.32. DOT experienced an uptick in bullish sentiment over the weekend, registering an increase of 7.18% on Saturday to go above $4.50 and settle at $4.63.
On Sunday, DOT surged over 14% to go above $5 and reached 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, but it recovered and surged past the 200-day SMA and $5.50 to settle at $5.71. DOT reached an intraday high of $5.84, with bulls aiming for $6.
However, buyers lost momentum, and sellers took control, causing DOT to fall over 7% to slip 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.
DOT rebounded from this level on Friday, rallying 8.18% to reclaim $5 and settle at $5.16 as buyers returned to the market. Currently, DOT has increased by almost 3%, with buyers looking to push the price above the 200-day SMA. If it does, it might make another attempt to test the resistance at $6.
However, if sellers retake control, DOT could slip below $5 and drop to $4.50, with a drop to $4 expected if they breach that level. Polkadot’s resurgence is fueled by ongoing technological advancements in the Polkadot ecosystem and growing developer adoption. The focus on interoperability has established Polkadot as a leader in cross-chain interoperability, attracting several projects and strengthening the network’s value.
Polkadot has also improved scalability, increasing its appeal among users and investors. Additionally, Polkadot has reported a significant jump in new accounts, with over 5,000 new accounts created in 24 hours, a 150% increase.
