Polkadot’s price has experienced heightened selling pressure, leading to a breakout below the significant $6 support region.
This development indicates a bearish sentiment in the market, with the potential for a continued downward plummet.
Technical Analysis
By Shayan
The Daily Chart
The daily chart reveals that DOT has faced aggressive selling near the critical $6 support region, resulting in a notable breach of this decisive support level. T
his underscores the intense selling pressure in the market, and it’s worth noting that it is not isolated to DOT but rather all altcoins. The price has broken below the lower boundary of a multi-month triangle and previous major swing lows, signaling a notable bearish sentiment.
Additionally, the 100-day moving average has crossed below the 200-day moving average, signaling a death cross. This development further indicates a bearish sentiment prevailing. Given this…
