Polkadot News
- Polkadot (DOT) is continuing its downward movement below the four-month trendline.
- In order for DOT to really see a comeback, the crypto will have to topple the 20 EMA.
- Should the current candlestick close above the immediate support, it could also serve as a confirmation that DOT could see a rally.
Polkadot (DOT) is continuing its downward movement below the four-month trendline. The current price of DOT has found its place in the $6.45 zone. If the price of the crypto can rebound from this support, it could lead to some sort of revival.
Recent liquidations led to DOT dropping to its 17-month low on June 13. After this, there was a bit of an increase in buying pressure. Ultimately, however, the 20 EMA was able to control the buying rallies. In order for DOT to really see a comeback, the crypto will have to topple the 20 EMA.
Should the current candlestick close above the immediate support, it could also serve as a confirmation that DOT could see a rally.
After DOT’s most recent bearish flag, the price of the crypto dropped by nearly 10% to approach the $6.4 baseline. This means investors should watch for a close beyond the $6.45 – $6.5 range in order to establish the buying momentum.
On the other hand, if the DOT price fails to close beyond this range, it could position the crypto for a decline. If the price were to drop below $6.4 it could lead to an 8-10% drop in price for DOT.
According to CoinMarketCap, DOT is currently trading hands at $6.40 after a 1.28% drop in price over the last day and after a 6.60% drop in price over the last week.
The crypto’s 24-hour trading volume is also currently down 6.34% and is standing at $297,161,708.
