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Polkadot Price Drops On Chart Showing Resistance At $6.80, What Next?

The polkadot price reached the $8 price level before the bull market lost momentum and fell on the 1-day chart. DOT has fallen 3.6% in the last 24 hours on the chart.

DOT has gained some value over the past week, but most of it is disabled at the time of writing.

Polkadot prices have rebounded in the past two days after falling earlier. The buyer intervened during the recovery period.

However, at the time of writing, buyers had once again withdrawn from the market. The technical outlook for the coin is bearish and sellers have taken over the market.

Polkadot price support zone was between $6.16 and $5.52. A break below $5.52 could see the DOT break below $5.

As the Bitcoin bull market turned bearish in the market, most of the altcoins that had recorded gains also began to lose their bullish momentum.

If demand for the DOT increases on the chart, the coin may try to revisit the immediate resistance mark.

Polkadot price analysis: 1 day chart

Polkadot was at $6.29 on the 1-day chart. Source: DOTUSD on TradingView

At the time of writing, DOT was trading at $6.29. The bulls tried hard to keep the altcoin price at $8, but the buying strength waned and the altcoin fell on the chart.

Polkadot’s price will be witnessing a tough price cap at the $6.80 mark, having rejected at that level several times in the past.

Above $6.80, the DOT approaches $7.73. Conversely, the coin’s local support level is at $6.17, and a fall from that mark will push the Polkadot closer to the $5.52 level.

In the last trading session, the volume of polkadots traded decreased, indicating a decrease in buy strength.

technical analysis

polka dot price
Polkadot is not showing any buying strength on the 1-day chart. Source: DOTUSD on TradingView

The DOT was showing a decline in buying strength on the 1-day chart. Polkadot prices have witnessed increasing selling pressure for most of this month and the bears are finally getting stronger.

The relative strength index was less than half. This means that sellers are underpowered compared to buyers in the market.

Polkadot has broken below the 20-SMA line, which can be interpreted as low demand. It also means that the seller is building price momentum on his 1-day chart.

polka dot price
Polka dots are showing sell signals on the 1-day chart. Source: DOTUSD on TradingView

DOT technical indicators showed selling momentum above the chart. Moving Average Convergence Divergence indicates a coin’s price momentum and overall price action.

MACD kept showing a red signal bar which is also a sell coin signal. Bollinger Bands measure price volatility and price changes.

The band widened to reflect the volatility of altcoin prices.

Polkadot Price Drops On Chart Showing Resistance At $6.80, What Next?

Source link Polkadot Price Drops On Chart Showing Resistance At $6.80, What Next?

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