Polkadot (DOT) Faces Bearish Pressure, Drops 25% in June
• Polkadot has faced bearish pressure, falling below critical support levels and testing $5.46. • The Ichimoku Cloud analysis shows a bearish sentiment, with the price action below key resistance levels. • RSI trends towards oversold territory, and further declines could occur if the support at $5.46 breaks.
Polkadot faces bearish pressure as it struggles to maintain critical support levels, signaling potential further declines in its price action.
The goal of the analysis is to assess Polkadot’s bearish selling pressure, using Key Support and Resistance Levels, Market Sentiment, and Future Price Movements.
Polkadot Faces Bearish Pressure: Key Levels and Market Sentiment Analysis Polkadot (DOT) has been experiencing a bearish trend, evident from the recent price action where it fell below critical support levels. The rejection from the Ichimoku Cloud and testing of lower support levels further emphasize this downtrend.
Following Bitcoin’s price drop to $64,700 yesterday, the price of DOT reached the important support level of $5.46. Subsequently, the price of DOT bounced upward, stabilizing around $5.80, as observed in the 4-hour chart.
DOT’s price has dropped 25% from its local high recorded on June 7