[Polkadot faces new bearish pressure: Can support at $3.5 hold? 】
Polkadot (DOT) is once again under selling pressure after its recent rebound attempt, and is currently trading near $4.14 and inching closer to the key support level at $3.5. The performance of this support level will determine the subsequent trend.
The 4-hour chart shows that DOT has fallen below the 100-day simple moving average (SMA) and the relative strength index (RSI) has dropped to 45%, indicating that selling pressure has increased and bears are gradually taking control of the market. This bearish trend is even more evident on the daily chart, with DOT still trading below the 100-day SMA and the RSI falling to 41, suggesting that if bulls fail to hold the $3.5 support, the price could fall further to $1.9.
If support at $3.5 holds, DOT is expected to rebound with a price target of $4.8. However, market momentum is tilted towards the bears and traders will need to keep an eye on support at $3.5, which will determine whether there is a rebound or further decline.
Polkadot's subsequent movements will affect short-term performance. Holding $3.5 will rekindle the confidence of bulls, otherwise it may fall further.
