As reported by CryptoPotato, technical analysis by analyst Shayan shows that Polkadot has recently encountered rejection at the 200-day moving average, causing the price to drop sharply and approach the lower boundary of its sideways trading range at $6. However, the price action at this pivotal point is crucial in predicting the cryptocurrency’s next move. Polkadot’s daily chart shows that it is in a long-term sideways consolidation phase, with key resistance at $7.5, coinciding with the 200-day moving average, and key support at $6. Recently, the price encountered rejection near the upper border of this range, resulting in a significant decline. With the cryptocurrency now approaching the lower border of the range, sellers may be looking at a potential bearish breakout. If they succeed in pushing the price below this key level, a sustained bear trend could emerge. Conversely, if there is a massive influx of demand, the price may rebound towards the upper boundary of the range. However, the price action at this key support zone will determine the cryptocurrency’s near-term direction.