- Polkadot price experiences a steep fall.
- The altcoin breached the buyer’s region on DOT’s TSI.
- Polkadot should climb past $14.25 to invalidate this bearish bias.
Polkadot (DOT) appears weaker than most cryptos in the marketplace. For now, it may be a no home for traders. Interested individuals should give the token more time to cancel the decline or consolidate before executing any position.
Polkadot Primed for More Dips
Polkadot price shows weak hands dominating the marketplace as bulls could not steady price movements beyond the pessimistic engulfing candlestick that constricted the altcoin within the current level around $10. A technical standpoint shows DOT is prepared for nothing but escalated declines. First and foremost, the prevailing fall’s slope matched the 3rd wave price action. Moreover, the Relative Strength Index (RSI) breached the buyers’ territory on its four-hour chart.
Furthermore, Polkadot authorizes the bullish exhaustion narrative as the token failed to suggest potential countertrend rallies like other digital tokens. At best, enthusiasts can anticipate diminishing returns for DOT, whereas the worst case would see the coin invalidating long-term investors’ interest through a slump to $4. Also, the ramping setup on the volume indicator supports the bearish narrative.
Polkadot has to hit the value at $14.25 to invalidate the bullish narrative. Overcoming this market will reveal $22 as the next target for DOT. Such an uptrend would result in a 125% surge from Polkadot’s current price. Considering the prevailing DOT’s state and bearishness controlling the broad market, such a move might take time.
A No Go Place?
Polkadot’s on-chain analysis within the past 24 hours painted a bearish picture for the alternative token. The altcoin hasn’t seen impressive social representation within the past few days. This index has plummeted in the past couple of days, even with the Polkadot Decoded Event announcement. During this publication, the social volume stood at 152, declining by 82% from the 887 high nine days ago.
Also, the social dominance tried to register an uptick after the 17 intraday high in May encountered downside forces to 0.479 at this publication.
Similarly, the development metric showed nothing meaningful within the past couple of weeks. The metric retained steady downtrends, standing with a downward stance at 352 during this publication.
