– The mid-range supply zone between $4.512 and $4.563 has contributed to the current price decline.
– The price is now approaching the next support level at $4.182.
Key Points:
– Polkadot [DOT] is expected to experience a short-term pullback, weighing on its price and delaying any significant upward movement. – Despite some lingering positive sentiment, the cryptocurrency has struggled to demonstrate strong momentum across various timeframes. – If selling pressure intensifies, DOT could plunge as low as $4.086 before finding balance and potentially resuming its upward trend. – DOT is demonstrateing a short-term dip on the charts, despite trading within an overall ascending channel, a bullish pattern. – The anticipated dip is driven by weakening buying pressure as traders’ sentiment softens.
– However, a bullish undertone remains, signaling the possibility of recovery once market conditions improve. – On-chain data suggests trader sentiment remains bearish on the asset. – On-chain metrics indicate that trader confidence in DOT is fading, likely pushing the asset lower in the short term.
– DOT remains in a bullish trend, trading within an ascending triangle, a pattern that signals potential upward movement. – The recent price dip may be attributed to bulls searching for an optimal entry point, preparing to accumulate DOT in bulk.
