{"id":528119,"date":"2023-04-23T02:43:02","date_gmt":"2023-04-23T02:43:02","guid":{"rendered":"https:\/\/uniquehot.com\/?p=528119"},"modified":"2024-06-11T14:35:40","modified_gmt":"2024-06-11T14:35:40","slug":"polkadot-dot-price-slumps-below-6-any-chances-for-reversal","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/polkadot-dot-price-slumps-below-6-any-chances-for-reversal\/","title":{"rendered":"Polkadot (DOT) Price Slumps Below $6 &#8211; Any Chances For Reversal?"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The price of Polkadot (DOT) has been gradually moving south over the past few days. The price decline cuts across the entire crypto market, with strong signs of bears. The cumulative market cap has <\/span><span style=\"font-weight: 400\">dropped by 2.58% to sit at $1.25 trillion<\/span><span style=\"font-weight: 400\"> in 24 hours.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/okb\/okb-token-shines-with-23-gains-on-weekly-chart-whats-pushing-it\/\" target=\"_blank\" rel=\"noopener \">OKB Token Shines With 23% Gains On Weekly Chart, What\u2019s Pushing It?<\/a><\/div>\n<p><span style=\"font-weight: 400\">DOT has finally lost its grip on the $6 region as the bears became aggressive on the token over the past 24 hours. The market is wondering if Polkadot still has a chance to reverse the downtrend.<\/span><\/p>\n<h2><b>Polkadot Price Drops Drastically With Prevailing Bearish Trend\u00a0\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400\">The past few days seem to be turning out more negatively for DOT. The asset hovered between $6.1 and $6.9 last week except on April 21, when it dipped.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Currently, the <\/span><span style=\"font-weight: 400\">60-day and 90-day<\/span><span style=\"font-weight: 400\"> price action for Polkadot shows negative values of 4.45% and 5.36%, respectively. Also, DOT dipped by 12.46% over the past 7 days.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/these-top-5-cryptos-are-thriving\/\" target=\"_blank\" rel=\"noopener \">These Top 5 Cryptos Are Thriving Despite A Slippery Market<\/a><\/div>\n<p><span style=\"font-weight: 400\">After losing its hold on the <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/polkadot-new\/historical-data\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">price level of $7<\/span><\/a><span style=\"font-weight: 400\"> in February, DOT has maintained a trading price within the $6 region. As of April 21, the price of DOT dropped to its resistance point of $5.8 before correcting.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, the price analysis of DOT for the past 24 hours shows the token is gradually going down again within the past few hours.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">At the time of writing, DOT is <\/span><span style=\"font-weight: 400\">trading at $5.921<\/span><span style=\"font-weight: 400\">, indicating a slight reversal after plunging. The bearish push on DOT from the past few days has spilled over to the weekend.<\/span><\/p>\n<figure id=\"attachment_528122\" aria-describedby=\"caption-attachment-528122\" style=\"width: 860px\" class=\"wp-caption alignnone\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-528122 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/04\/DOTUSDT_2023-04-22_18-19-47.png?resize=860%2C501\" alt=\"Polkadot (DOT) Price Slumps Below $6 Mark, Any Chances For Reversal?\" width=\"860\" height=\"501\"><figcaption id=\"caption-attachment-528122\" class=\"wp-caption-text\">DOT price trends sideways l <a href=\"https:\/\/www.tradingview.com\/x\/KKGd4PRA\/\" rel=\"nofollow\">DOTUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">The crypto market is undergoing a bearish trend, with most crypto assets battling for price stability. Polkadot is included in the market performance. Hence, the selling pressure for the token has exceeded its buying pressure, forcing the price of DOT below the $6 region.<\/span><\/p>\n<h2><b>Bears Push DOT Below $6<\/b><\/h2>\n<p><span style=\"font-weight: 400\">After three consecutive red days, DOT has formed a green candle on the price chart. However, the bears are still in control as they struggle to reclaim past price levels.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">DOT has dropped below its 50-day and 200-day <\/span><span style=\"font-weight: 400\">Simple Moving Averages (SMA)<\/span><span style=\"font-weight: 400\">, indicating a bearish sentiment in the short and long term.<\/span><\/p>\n<p><span style=\"font-weight: 400\">DOT&#8217;s support levels are $5.15 and $5.75. A decline below its support will bring further price fall. Also, the resistance levels are $6.71 and $7.89. However, the $6 price level has transformed into a psychological resistance level.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The <\/span><span style=\"font-weight: 400\">Relative Strength Index (RSI)<\/span><span style=\"font-weight: 400\"> indicator is 39.74, close to the oversold region of 30. However, the indicator points upwards, suggesting a bullish reversal in the short term. <\/span><\/p>\n<p><span style=\"font-weight: 400\">DOT&#8217;s indicators are mostly bearish. Its next price action depends on traders&#8217; decisions in the coming weeks. Further drop into the oversold region will likely lead to a trend reversal at the $5.75 support level.<\/span><\/p>\n<p><em>Featured image from Pixabay and chart from Tradingview<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The price of Polkadot (DOT) has been gradually moving south over the past few days. The price decline cuts across the entire crypto market, with strong signs of bears. The cumulative market cap has dropped by 2.58% to sit at $1.25 trillion in 24 hours. Related Reading: OKB Token Shines With 23% Gains On Weekly Chart, What\u2019s Pushing It? DOT has finally lost its grip on the $6 region as the bears became aggressive on the token over the past 24 hours. The market is wondering if Polkadot still has a chance to reverse the downtrend. Polkadot Price Drops Drastically With Prevailing Bearish Trend\u00a0\u00a0 The past few days seem to be turning out more negatively for DOT. The asset hovered between $6.1 and $6.9 last week except on April 21, when it dipped.\u00a0 Currently, the 60-day and 90-day price action for Polkadot shows negative values of 4.45% and 5.36%, respectively. Also, DOT dipped by 12.46% over the past 7 days. Related Reading: These Top 5 Cryptos Are Thriving Despite A Slippery Market After losing its hold on the price level of $7 in February, DOT has maintained a trading price within the $6 region. As of April 21, the price of DOT dropped to its resistance point of $5.8 before correcting.\u00a0 However, the price analysis of DOT for the past 24 hours shows the token is gradually going down again within the past few hours.\u00a0 At the time of writing, DOT is trading at $5.921, indicating a slight reversal after plunging. The bearish push on DOT from the past few days has spilled over to the weekend. The crypto market is undergoing a bearish trend, with most crypto assets battling for price stability. Polkadot is included in the market performance. Hence, the selling pressure for the token has exceeded its buying pressure, forcing the price of DOT below the $6 region. Bears Push DOT Below $6 After three consecutive red days, DOT has formed a green candle on the price chart. However, the bears are still in control as they struggle to reclaim past price levels.\u00a0 DOT has dropped below its 50-day and 200-day Simple Moving Averages (SMA), indicating a bearish sentiment in the short and long term. DOT&#8217;s support levels are $5.15 and $5.75. A decline below its support will bring further price fall. Also, the resistance levels are $6.71 and $7.89. However, the $6 price level has transformed into a psychological resistance level. The Relative Strength Index (RSI) indicator is 39.74, close to the oversold region of 30. However, the indicator points upwards, suggesting a bullish reversal in the short term. DOT&#8217;s indicators are mostly bearish. Its next price action depends on traders&#8217; decisions in the coming weeks. Further drop into the oversold region will likely lead to a trend reversal at the $5.75 support level. Featured image from Pixabay and chart from Tradingview<\/p>\n","protected":false},"author":584,"featured_media":528121,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[63576,11679,6664,82445,9753],"class_list":["post-528119","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bear","tag-bull","tag-crypto","tag-dotusdt","tag-polkadot"],"acf":[],"yoast_head":"\n<title>Polkadot (DOT) Price Slumps Below $6 - Any Chances For Reversal?<\/title>\n<meta name=\"description\" content=\"The price of Polkadot (DOT) has been gradually moving south over the past few days. 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