Polkadot (DOT) fell back in the red during the ongoing session, as it failed to push above $5 yet again, as selling pressure yanked the price down.
DOT is currently down by almost 2% and trading around the $4.80 mark, with sellers in control for now.
A Bridge Too Far
Polkadot (DOT) is in the red once again after strong selling pressure at $5 saw bullish sentiment evaporate as the bears took control. DOT had been extremely bullish this week, with market watchers expecting a rally to $5.10. The altcoin started the week with a strong push above the 50-day SMA, registering an increase of 3.48% and settling at $4.46. DOT continued to push higher on Tuesday, breaking above the crucial $4.50 price level and settling at $4.64 after registering an increase of 4.04%. With DOT moving above a crucial resistance level, volatility increased on Wednesday as sellers attempted to drive the price back below $4.50. However, buyers were able to counter the selling pressure, ensuring DOT did not fall below $4.64.
Source: TradingView
Buying activity picked up once again on Thursday as bulls took control, pushing DOT up by 3.66% to $4.81, with market watchers expecting a break above $5 at this point. DOT tested the resistance at $5 on Friday as it rose to a day high of $4.96. However, it could not push higher and eventually settled at $4.89 after registering an increase of 1.89%. However, it fell back in the red during the current session after sellers thwarted a push above $5. With buyers losing steam, DOT slipped into the red and is currently down by almost 2%, trading around the $4.80 level.
Can Polkadot (DOT) Push Above $5?
Polkadot (DOT) has been flashing several bullish signals on its price chart and seems ready to break out of a falling wedge pattern. DOT’s RSI also reveals a bullish divergence between its price and the RSI, with the price making lower lows and the RSI making higher lows. If DOT breaks out of this pattern, analysts expect an almighty jump, which could take the price towards $6 or even $6.50.
A break above $5 will signal a definitive reversal in the current bearish trend. However, with DOT declining from the $5 level during the current session, investors will likely adopt a wait-and-watch approach before deciding their next move.
Polkadot’s Sporting Collaborations
Polkadot (DOT) has also partnered with Major League Soccer team Inter Miami in an attempt to gather eyeballs and raise awareness of its chain. The partnership will see the Polkadot logo on Inter Miami’s training kit. It will also allow the protocol to engage with football fans and give them a glimpse of Polkadot’s potential, as well as the use of Web3 in sports. Polkadot’s approach has seen the protocol look outside the crypto ecosystem to forge partnerships and expand into new industries.
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.
