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- Polkadot (DOT) rebounds to $4.53 with a 9% increase over the past week.
- Despite previous volatility, DOT shows bullish signs and may reach $5.
- Recent recovery suggests potential for further gains if buyers maintain control.
Polkadot (DOT) has experienced a notable rebound after weeks of uncertainty and trouble maintaining its $4.50 support. $DOT is now seeing positive movement, the token has surged by 9% over the past week and is currently trading at $4.53. This strong performance suggests a potential upward trend, despite earlier volatility.
A Turnaround from Recent Lows
Polkadot has been fluctuating between $4 and $5 recently. DOT’s price briefly fell below $4, hitting a low of $3.82 before briefly climbing above $5. After struggling to maintain the $4 support on September 6, $DOT dropped to $3.82.
However, it staged a strong recovery, ending the previous week at $4.16. This positive momentum carried into the new week. On Monday, DOT gained 2.88%, closing at $4.29. Buyers tried to push above the 20-day SMA but faced resistance, leading to a slight drop to $4.25.
On Wednesday, bearish pressure drove DOT down to $4.07. Despite this, consistent demand allowed DOT to recover, ending the day at $4.19.
Buyers Regain Control
On Thursday, increased buying pressure drove DOT up by 2.63%, pushing it above the 20-day SMA to close at $4.30. This move indicated a shift from bearish to bullish momentum. Friday saw a continuation of this trend, with $DOT increasing by 3% to $4.43. Although $DOT briefly dipped to $4.35 on Saturday, buyers quickly stepped in, and it ended the day at $4.44.
Currently, resistance is at $4.50 and the 50-day SMA. However, buyers have pushed the token above this resistance, with DOT now trading at $4.52. If buyers maintain control, DOT might reach $5. While it’s not certain if $DOT can sustain this upward trend, it’s clearly in a strong phase right now.