Polkadot’s Next Move: Will DOT Drop to $5.542 or Surge to $6.649?

Polkadot (DOT) has experienced a significant decline over the past seven days amid a general decline in prices of various altcoins. According to data, DOT prices have fallen by 9.69% over the past week. At press time, DOT is trading at $5.85 with a market cap of $8.4 billion. Like other altcoins, DOT is also subject to external market forces such as Bitcoin (BTC) price fluctuations, which cause its price to fall.

Despite the price decline, many cryptocurrency analysts remain optimistic, predicting an imminent price surge. DOT will see a surge. He believes that DOT will respect the lower support levels and start an uptrend.

-RSI Relative Strength Index: The RSI is 34, indicating a continued bearish sentiment. The RSI crossed the RSI-based MA from above and fell further towards the oversold region. These movements indicate an increase in selling pressure, leading to a price decline.

- Funding Rate: After reporting below-negative values ​​on the 18th and 19th, the funding rate is trending downward. A decline in funding rates indicates that investors are reluctant to open long positions, leading to a neutral market.

Since June 8th, DOT open interest has declined. A decline in open interest means fewer new positions and traders close existing positions.

As DOT fell, many investors avoided entering positions due to price impact. In the short term, all factors suggest that the coin will continue to fall and fall to its previous low of $5.542. However, if there is more buying pressure, the coin could surge to $6.649.

Although Polkadot (DOT) has experienced a significant price drop in the past week, many analysts remain optimistic about its future performance. Investors should pay close attention to market dynamics and technical indicators to formulate a smart investment strategy.

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