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Polkadot falls below $4.84, what now?

Press Releases Crypto News AMB-Crypto Polkadot falls below $4.84, what now?

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Polkadot saw its market structure flipped bearish earlier this month.
A price move to $4.6 was brewing, but any further losses would indicate a drop as far south as $3.9 was on the table.

Polkadot [DOT] saw the bears pull off a convincing move downward after the market structure break in early August. Social metrics and development activity were on the rise but this did nothing to dissuade the sellers.

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The price chart showed that there was a downtrend in progress, and a move toward $4.6 was highly likely. Whether the bulls can defend that level of support or not remains to be seen. The latter development could see DOT drop below the $4 mark.

The attempts to defend $5 over the past two weeks left the buyers exhausted

Source: DOT/USDT on TradingView

On 2 August, DOT fell below a recent higher low at $5.1. Marked in orange, this denoted a market structure break in favor of the bears. Thereafter, the price bounced between the $4.95 and $5.06 levels until 15 August.

About 36 hours before press time saw the bears seize the initiative. On the back of a Bitcoin [BTC] rejection at $29.6k, the DOT sellers forced prices to fall as deep as $4.62 on 15 August.

The Directional Movement Index showed a strong bearish trend was close, and the RSI also signaled strong bearish momentum. In contrast, the CMF logged a notable influx of capital into the DOT market.

Fibonacci retracement levels (yellow) were plotted based on the mid-June rally. The 78.6% level at $4.59 was one that bulls must defend. It has confluence with the

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Author: Akashnath S

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