POLKADOT Value Evaluation 11-14: DOT Struggling To Keep Above $5 After Substantial Decline

Polkadot (DOT) registered a considerable decline on Tuesday and Wednesday after failing to go above $6, with sellers driving the value beneath the 200-day SMA.
DOT had seen a considerable rally after bullish sentiment picked up following election day, with the value surging previous key resistance ranges to reclaim $5.
Polkadot (DOT) Surges After US Elections
Polkadot (DOT)’s rally started final Tuesday however picked up the tempo on voting day, registering a rise of just about 6.48 to reclaim $4 and settle at $4.11. Bullish sentiment persevered on Thursday as DOT moved above the 20-day SMA after registering a rise of 1.46%. DOT pushed above the 50-day SMA on Friday, rising nearly 4% and settling at $4.32. Bullish sentiment picked up over the weekend as DOT registered a rise of 4.18% to go above $4.50 and settle at $4.63. DOT registered a much bigger rally on Sunday, surging over 13% to go above $5 and settling at $5.24 after briefly pushing above the 200-day SMA.

Supply: TradingView
The present week started with DOT dropping to an intraday low of $4.98 as sellers tried to drive the value again beneath $5. Nonetheless, with help constructing at this stage, consumers asserted management and pushed DOT again above $5. DOT finally registered a rise of just about 9$ to surge previous the 200-day SMA and settle at $5.71.
A Speedy Decline
Patrons tried to push above $6 on Tuesday as Polkadot (DOT) reached an intraday excessive of $5.84. Nonetheless, with sellers lively at $6, consumers misplaced momentum, and sellers took management. In consequence, DOT dropped over 7% to slide beneath the 200-day SMA, dropping to a day low of $5.12 earlier than settling at $5.31. Sellers retained management on Tuesday as DOT fell to an intraday low of $4.91 earlier than pushing again above $5 and settling at $5.08, registering a drop of 4.33%. The present session sees DOT marginally down as consumers and sellers battle to determine management.
If sellers retain management and DOT drops, the value may slip beneath $5. This may point out that markets have rejected the breakout, and a drop to $4.50 may very well be doable. Nonetheless, consumers may take management and push DOT again above the 200-day SMA in the direction of $6 if bullish sentiment returns. The RSI was within the overbought zone, indicating a decline was anticipated. With the RSI again beneath 70, we may see bullish sentiment return to the market and witness a DOT restoration. Analysts consider a restoration is imminent and predict DOT may push above $7.
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