Polkadot recently encountered significant selling pressure at a key resistance region, encompassing the 100-day moving average and the crucial $7.4 level.
This resistance has led to a potential continuation of the bearish retracement.
Technical Analysis
By Shayan
The Daily Chart
A detailed examination of Polkadot’s daily chart reveals a bearish sentiment, with the price being rejected after a period of sideways movement around the critical $7.4 resistance level and the significant 100-day moving average. Sellers appear to be dominating the market, with a continued bearish retracement towards the $6.5 threshold looking increasingly likely.
However, in a broader context, the asset remains confined within a decisive range marked by the $7.4 resistance and the $6.5 support. A definitive breakout from this range will likely set the direction for a sustained trend.
The 4-Hour Chart
On the 4-hour chart, Polkadot buyers…
