Polkadot (DOT)
After the alternative token remained confined between the $23.1 – $14.4 band for approximately three months, Polkadot bears finally broke through the nine-month floor of $14.4. Alts fell to multi-year/monthly lows as the market’s pessimistic attitude weighed heavily on them.[rb_related title=”More Read” style=”light” total=”4″]
When looking at the market action in the short term, bearish price movements beginning at $14.4 caused a value drop for the token that was greater than 48 percent. As a result, DOT fell to explore 16-month lows on May 12 after the news. In the meantime, bullish advances were spurred to the POC by the support at $8. (Point of Control). For the time being, $9.83 is the closest testing support that bears have. As I was writing this material, the price of Polkadot on the market was $10.71. On the four-hour time frame, the Relative Strength index moved sideways with a neutral leaning toward the midline. It’s possible that the near-term recovery estimates will take a hit if the market closes below 44.
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