Polkadot’s Unpromising Price Action Braces for More Dips, Expert Outlines Condition for DOT’s Bullish Reversal
The price of Polkadot is not looking promising, and new lows are continuously being formed. It has dipped by 15% in the past one week with price action suggesting there could be room for more price drops.
The pattern since March has been lower lows and lower highs. From April to June, the price consolidated between $6.3 and $7.7.
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Following that, there was a breakdown to around $5.5, which kickstarted a consolidation between that point and $6.5.
Three days ago, there was a breakdown again and the dip has continued.
AlFINS Predict Downtrend Across All Timeframes
AltFINS, a crypto analytics firm, made a technical analysis of DOT price.
Based on their post, Polkadot has continued its downtrend after failing to break out of a channel-down pattern. The price was not able to resume a higher high move.
Price is expected to remain in a downtrend until it breaks above the 200-day average at around $7.5 and the $8 resistance. Therefore, short-term traders may start to look at the a reversal above the mentioned moving average for buying hopes.
Source: altFINS – Start using it today
Based on the price analysis, the price is approaching resistance, which is a level where it could pause or reverse its recent advance, at least temporarily. Once the price breaks above resistance, it can advance to the next resistance level.
AltFINS sees the short-term, medium-term, and long-term trend as strongly bearish with resistance at $6 and $8 and support at $4.8.
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