The Polkadot (DOT) price has witnessed a dramatic downturn primarily due to intense selling activity at the 200-day SMA and 20-day SMA, pushing it to the lower end of its trading range.
If sellers manage to breach the lower end of DOT’s trading range, the bearish trend could persist for the foreseeable future, a scenario that investors should be cautious about.
Polkadot (DOT) Continues To See Red
Looking at the Polkadot (DOT) price chart, we observe a bullish trend at the beginning of the month that saw the price rise to $7.27 and sit above the 20 and 200-day SMAs. However, the price faced consistent rejections at this level and dropped below the 200-day SMA on May 6. A further drop on May 7 saw the DOT price drop to $6.99, a level where the 20-day SMA acted as support. After a brief recovery that saw DOT climb back above $7, before bearish sentiment saw the price tumble by 4.43% on May 10, and drop below the 20-day SMA.
While DOT’s lateral movement was indicat
We współpracy z: https://cryptodaily.co.uk/2024/05/polkadot-price-analysis-dot-drops-perilously-close-to-support-level
