Polkadot (DOT)’s price has fallen sharply in the past 24 hours as its rally stalled at $5.70, with selling pressure driving the price down. Despite registering a considerable drop during the past two sessions, DOT is up 25% over seven days. The altcoin’s rally was fueled by the post-election sentiment, as it recovered after dropping to a low of $3.65 and reclaimed $5.
However, selling pressure around $6 caused buyers to lose momentum, and sellers took control, driving the price down. If DOT slips below $5, it could drop to $4.60. On the other hand, if bullish sentiment returns to the market, DOT could resume its upward trajectory and test the resistance at $6. If markets turn bullish, a move past $6 cannot be ruled out.
