đ„ Polkadot Struggles to Bounce from the Crucial Support of $6: What Next for DOT Holders?
â Polkadot (DOT) faces a bearish trend, struggling at $6 support amid market challenges.
â DOTâs downward trajectory is likely to continue, the 4-hour chart shows bearish technical indicators.
â DOTâs short-term bullish attempt is overshadowed by persistent bearish signals on the daily chart.
Polkadot (DOT) is currently facing challenges in rebounding from the critical $6 support level, signaling a bearish outlook. The cryptocurrency is experiencing a sharp decline, with its value approaching new lows.
đŹ The price of $DOT needs to bounce from the crucial support of $6 in order to remain bullish!
If it falls below this level, #Polkadot might be in danger in the short term. â Market Spotter
đž Analyzing Polkadotâs 1-Hour and 4-Hour Price Charts
This steep fall is driven by widespread market instability, pessimistic investor outlook, and regulatory challenges. As DOTâs price continues to diminish, investors are encouraged to prepare for additional decreases and reconsider their investment approaches in response to these negative indicators.
On the 4-hour chart, DOTâs price retraced following a departure from the prior bearish triangle formation and has resumed its downward trajectory. Despite attempts to ascend, it appears likely that the price will persist in falling.
The 4-hour Composite Trend Oscillatorâs formation also indicates potential further declines for DOTâs price. This prediction arises from the indicatorâs signal line and Simple Moving Average (SMA) trending near the oversold territory.
On the daily chart, DOT is making an effort for an upward move beneath the 100-day SMA after registering a bearish candlestick previously. The daily price pattern suggests that this upward attempt by DOT may be short-lived.
Furthermore, the daily chartâs 1-day Composite Trend Oscillator confirms that DOTâs price trend remains decidedly bearish.