#Polkadot Slumps 90% from Peaks; DOT May drop below $5.3
Past Performance of Polkadot
After soaring to as highs as $55 in November 2021, DOT is now 89 percent from all-time highs and wallowing against a wave of intense selling pressure. From the daily chart, bears are squarely in charge, and November 16 losses offer no reprieve for buyers. The immediate support lies at $5.3, while any gains above $6.3 may lift Polkadot back to November highs.
#Polkadot Technical Analysis
DOT prices are inside a bear flag, trending within the two defining bear bars of November 8 and 9. The failure of bulls to flow back, reverse losses of last week, and build on November 10 hints at weakness. Therefore, since prices are below $6.3, trending with low volumes, and inside a bear flag, sellers can double down, targeting $5.3 in the short term. This preview will only shift once DOT surges above $6.3, breaking above the bear flag. Then, the coin might fly to November highs at 7.3.
What to Expect from #DOT?
Like the rest of the market, Polkadot is under immense selling pressure. After shrinking roughly 90 percent from peaks, there could be more drawdown if immediate support at $5.3 doesn't hold.
Resistance level to watch out for: $6.3
Support level to watch out for: $5.3
Disclaimer: Opinions expressed are not investment advice. Do your research.
After soaring to as highs as $55 in November 2021, DOT is now 89 percent from all-time highs and wallowing against a wave of intense selling pressure. From the daily chart, bears are squarely in charge, and November 16 losses offer no reprieve for buyers. The immediate support lies at $5.3, while any gains above $6.3 may lift Polkadot back to November highs.
#Polkadot Technical Analysis
DOT prices are inside a bear flag, trending within the two defining bear bars of November 8 and 9. The failure of bulls to flow back, reverse losses of last week, and build on November 10 hints at weakness. Therefore, since prices are below $6.3, trending with low volumes, and inside a bear flag, sellers can double down, targeting $5.3 in the short term. This preview will only shift once DOT surges above $6.3, breaking above the bear flag. Then, the coin might fly to November highs at 7.3.
What to Expect from #DOT?
Like the rest of the market, Polkadot is under immense selling pressure. After shrinking roughly 90 percent from peaks, there could be more drawdown if immediate support at $5.3 doesn't hold.
Resistance level to watch out for: $6.3
Support level to watch out for: $5.3
Disclaimer: Opinions expressed are not investment advice. Do your research.
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