Polkadot is extremely bearish, with the alt losing a lot of its value today. Furthermore, the crypto has maintained a gloomy yield since April 4. During early trade on Monday, all of the major cryptocurrencies were down, with Polkadot witnessing the highest drop.
The coin’s prices have been fluctuating for almost two months. Bulls were able to overcome critical roadblocks and establish a stable support level thanks to the recent advance. However, as a result of the buyers’ failures, these obstacles have grown in number.
On January 24, the Polkadot price hit a swing low of $15.83 before rallying 46 percent to a swing high of $23.19. This was the range that DOT has kept within ever since. Despite the fact that the consolidation has lasted more than two months, the altcoin has not managed to break free from the range.
What’s Next for Polkadot?
To accumulate, investors must wait for DOT to show a daily candlestick close to over $23.06. As a result, the altcoin will be pushed back into a new range, ranging from $24.18 to $30.50. As a result, DOT’s upside is limited to $30.50. If the range bottom at $15.83 is broken, a lower low will be formed, invalidating the bullish premise. In this instance, sidelined buyers could re-enter the market by waiting for a retest of $13.64.
DOT has dropped more than 20 percent to $17.42, where it presently trades. The coin’s trading volume has dropped 8.0 percent in the last week, with the coin’s overall circulating supply, which has reduced by 0.25 percent.
Over the last 16 hours, DOT has sustained downtrends, although the situation has improved over the last four hours, according to the 4hr time frame. DOT was hit by negative sentiment, and the coin dropped below $18. The technicals suggest bearish dominance as the alt is currently experiencing downswings. Sellers are flooding the market, and price drops are likely to continue in the coming sessions.