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Polkadot Price Analysis: DOT Tumbles 7% Weekly but the Bulls May Be Staging a Comeback
Polkadot’s price has been dropping rapidly over the last couple of months and is yet to show any sign of slowing down. However, the cryptocurrency might soon begin a bullish rebound.
Technical Analysis
By TradingRage
The Daily Chart
On the daily chart, the price has been on an aggressive decline since a rejection from the $12 resistance level. The market has also broken below the bullish trendline that has been formed since October 2023.
The 200-day moving average, located around the $7 mark has also been broken down, with the price seemingly targeting the $4 support zone.
With the Relative Strength Index also showing values below 50%, the momentum is in favor of a further bearish continuation.
