The value of Polkadot (DOT) has been regularly transferring south over the previous few days. The value decline cuts throughout the complete crypto market, with sturdy indicators of bears. The cumulative market cap has dropped by 2.58% to take a seat at $1.25 trillion in 24 hours.
DOT has lastly misplaced its grip on the $6 area because the bears turned aggressive on the token over the previous 24 hours. The market is questioning if Polkadot nonetheless has an opportunity to reverse the downtrend.
Polkadot Price Drops Drastically With Prevailing Bearish Trend
The previous few days appear to be turning out extra negatively for DOT. The asset hovered between $6.1 and $6.9 final week besides on April 21, when it dipped.
Currently, the 60-day and 90-day value motion for Polkadot reveals destructive values of 4.45% and 5.36%, respectively. Also, DOT dipped by 12.46% over the previous 7 days.
After dropping its maintain on the price level of $7 in February, DOT has maintained a buying and selling value inside the $6 area. As of April 21, the value of DOT dropped to its resistance level of $5.8 earlier than correcting.
However, the value evaluation of DOT for the previous 24 hours reveals the token is regularly taking place once more inside the previous few hours.
At the time of writing, DOT is buying and selling at $5.921, indicating a slight reversal after plunging. The bearish push on DOT from the previous few days has spilled over to the weekend.
The crypto market is present process a bearish pattern, with most crypto property battling for value stability. Polkadot is included out there efficiency. Hence, the promoting strain for the token has exceeded its shopping for strain, forcing the value of DOT beneath the $6 area.
Bears Push DOT Below $6
After three consecutive pink days, DOT has shaped a inexperienced candle on the value chart. However, the bears are nonetheless in management as they battle to reclaim previous value ranges.
DOT has dropped beneath its 50-day and 200-day Simple Moving Averages (SMA), indicating a bearish sentiment within the brief and long run.
DOT’s assist ranges are $5.15 and $5.75. A decline beneath its assist will convey additional value fall. Also, the resistance ranges are $6.71 and $7.89. However, the $6 value stage has reworked right into a psychological resistance stage.
The Relative Strength Index (RSI) indicator is 39.74, near the oversold area of 30. However, the indicator factors upwards, suggesting a bullish reversal within the brief time period.
DOT’s indicators are principally bearish. Its subsequent value motion is determined by merchants’ choices within the coming weeks. Further drop into the oversold area will possible result in a pattern reversal on the $5.75 assist stage.
Featured picture from Pixabay and chart from Tradingview
