#Polkadot Sinks 24% as DOT on the Brink of Losing $4.2
Past Performance of Polkadot
The Polkadot selloff of the last few weeks has seen the coin drop 24 percent from December highs. As it is, the downtrend remains visible, and sellers are in a commanding position. The primary support is at $4.2, and bulls need to reclaim $4.6 for uptrend continuation.
#Polkadot Technical Analysis
There are hints of strength, reading from the performance in the 4HR chart. With support at $4.2, DOT has been printing higher highs relative to the lower BB. Despite this expansion, trading volumes are low, and the uptrend is slower than expected. Besides, since DOT is within the bear range of mid this week, sellers have the upper hand from an effort versus result perspective. Technically, traders can unload on every high below $4.6, expecting a retest of $4.2 with the possibility of trend continuation to $3.6.
What to Expect from #DOT?
The downtrend is defined, and buyers are struggling as the bear market bites. Until DOT clears $4.6 with rising participation levels, sellers will remain in control aiming for further drops to the critical support at $3.6.
Resistance level to watch out for: $4.6
Support level to watch out for: $4.2
Disclaimer: Opinions expressed are not investment advice. Do your research.
The Polkadot selloff of the last few weeks has seen the coin drop 24 percent from December highs. As it is, the downtrend remains visible, and sellers are in a commanding position. The primary support is at $4.2, and bulls need to reclaim $4.6 for uptrend continuation.
#Polkadot Technical Analysis
There are hints of strength, reading from the performance in the 4HR chart. With support at $4.2, DOT has been printing higher highs relative to the lower BB. Despite this expansion, trading volumes are low, and the uptrend is slower than expected. Besides, since DOT is within the bear range of mid this week, sellers have the upper hand from an effort versus result perspective. Technically, traders can unload on every high below $4.6, expecting a retest of $4.2 with the possibility of trend continuation to $3.6.
What to Expect from #DOT?
The downtrend is defined, and buyers are struggling as the bear market bites. Until DOT clears $4.6 with rising participation levels, sellers will remain in control aiming for further drops to the critical support at $3.6.
Resistance level to watch out for: $4.6
Support level to watch out for: $4.2
Disclaimer: Opinions expressed are not investment advice. Do your research.
