Polkadot Price Drops Below $4.8 Support Level Indicating Bearish Trend
Polkadot (DOT) has fallen below the $4.8 support level, intensifying bearish pressure in the market. The price is currently vulnerable, raising concerns about potential further declines.
Key points include:
- The $3.5 support zone may provide stabilization or recovery opportunities for DOT.
- Market sentiment is predominantly bearish, with increased selling pressure prompting short-term holders to exit.
- The price is under the 100-day Simple Moving Average (SMA), indicating strengthening bearish momentum.
- If DOT fails to reclaim the SMA, selling pressure may escalate, leading to deeper corrections.
- The Relative Strength Index (RSI) shows a downward trend, reflecting weak buying interest.
Potential scenarios are:
- A rebound at the $3.5 support level could target resistance at $4.8 and possibly $6.2.
- If selling continues, declines may extend towards $3.5 or even $1.9.
