Polkadot‘s price amid the uncertain market sentiments has been largely impacted as the asset fails to gain bullish momentum. The recent rejection has dragged the price below the crucial trend line which was assisting the price to maintain a significant uptrend for the past week. Therefore, the upcoming trend is believed to be pretty bearish as the DOT price could form new bottoms before the end of the Q2 trade.
The DOT price after rebounding from the lower bottom at around $6.45, a couple of times, began surging along an upper trend line. While the asset was on its way to reaching $10 by testing & clearing $9 levels, a massive drop, dragged the price below the trend line. Moreover, an attempt to regain levels above the trend line has also failed to indicate the resurgence of the bears yet again.
Will the bears drag the DOT price below $6 to form new lows?
As mentioned in the above chart, the DOT price was swinging along the trend line but within a symmetric triangle. The consolidation had to reach the apex, but the extreme selling pressure compelled the price to slash down by nearly 9% since the early trading hours. Therefore, by breaking down the crucial levels, DOT price may manifest a bearish trend, but the present action may be short-lived.
The RSI is currently pretty bullish and after a slight correction, resumed with the upswing. Hence, a significant upswing may be fast approaching that may re-instigate the asset within the triangle consolidation and assist in a bullish breakout ahead. The Polkadot price currently is trading within very crucial levels and hence a wrong move may place the asset into a deep bearish well.
At the press time, the Polkadot(DOT) price is trading at $7.79 with a drop of 4.89%. If the price fails to hold at $6.65 until the day’s close, the probability of the price slashing to $5.45 emerges. However, a flip from these levels may rise the price above $7.8 which may continue until the asset reaches $8.