On a daily basis shows that the market is currently in a significant bearish trend, as the price has covered a downward movement in the last 24 hours.
In the short term, market conditions for DOT/USD remain bearish, but a break out of the current consolidation zone might see the market move towards the $6.00 level in the near future.
According to Polkadot price analysis, the price has dropped slightly again today as the bears gained control of the market. After three days of continuous bullish activity, the price function has been imbalanced again, and the price has dropped to $7.17. After making a comeback and a price ratio difference, the bears are now maintaining their lead. If the bearish pressure continues, the cryptocurrency may suffer additional losses in the next hours. On the other side, as we saw yesterday, there is a strong possibility of a bullish trend reversal.
Polkadot price analysis 4-hour price chart reveals a massive drop in price in the previous few hours. The price has dropped to $7.17 due to a strong bearish wave in the last few hours. However, this rapid correction seems to be a bearish reaction to the bullish side's sudden spike to $7.54.
If the price of DOT rises more, it may reach the $7.80 resistance level. If the price can hold and close over $7.80, it could shortly hit $8.50-$9.80.
On the downside, a first level of support is at $6.80. The next main level of support is around $6.00. A break below the $6.00 support level might trigger a sudden decline. In the situation described above, the price might decrease as low as $4.50.
KEY LEVELS :
RESISTANCE LEVEL : $7.70-$8.50
SUPPORT LEVEL : $6.50-$6.00