DOT/USDT descending channel what next?👀🚀DOT analysis

💎 Paradisers, #DOTUSDT is currently nicely tracking a channel trajectory. Will this lead to a swift continuation of the prevailing downtrend, or are we entering a period of uncertainty for sellers? Let’s explore what’s likely to happen next.

💎 It's important to highlight that #DOT has broken below both the downtrend trendline and the 200-day Simple Moving Average (SMA) on the daily chart. This bearish behavior indicates that bears are firmly in control, suggesting a likely continuation of the downtrend.

💎 Currently, #POLKADOT is positioned near a channel resistance that might attract potential sellers. Yet, we must be wary of potential price spikes upward, often seen as "stop-loss hunting" events. Such movements can introduce temporary volatility and challenge the prevailing bearish sentiment.

💎 However, as long as #DOT remains under the crucial supply zone level of $7.531, the scales are tipped in favor of a continued bearish trend. Should the price break above this supply level, then a bullish shift might be on the horizon. Staying vigilant and trading wisely is essential for success in these market conditions.

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Comment:

💎 Paradisers, take note of the precision with which the price has responded to our identified supply area, experiencing a significant drop of approximately 11.175%. Currently, if the price remains at the $6.711 level, there's a strong likelihood that it could continue to decline substantially. Always trade wisely and stay ahead of the market.