Polkadot (DOT) Drops 9% Amid Increased Selling Pressure
  • Polkadot price lost more than 9% on the daily chart.
  • DOT encounters severe downside following extended upside.
  • Declining beneath support at $8 might welcome further plunges.

Polkadot has had its price turning bearish today, with the altcoin dropping over 9% within the past day. DOT appeared to target the resistance at $10 following a massive upside that originated on 26 July 2022.

That saw DOT climbing towards $9.20 before selling pressure halted the upside, triggering a drop to $8.08. the daily chart’s evening star setup affirms the trend shift, whereas support at $8 stays steady. A move beneath this barrier will welcome a steep plummet towards the footing at $6.5.

Meanwhile, the broad crypto space flashed bearish indications today. For instance, Bitcoin lost around 3%, dropping beneath the $23K level. Also, Ethereum’s 5% slump had it exploring the $1,600 mark. Among large-cap alts, Cardano lost 6% to $0.05, whereas XRP dropped to $0.37. Meanwhile, Dogecoin and Solana lost 5% and 7% to $0.06 and $41.12, respectively.

Polkadot 24Hr Timeframe: DOT Beyond Critical MAs

The 24hr candle chart shows Polkadot price printing an evening start setup within the previous 24 hours, confirming a trend shift to bearishness. That came after the altcoin noted an extended upside toward the resistance at $9, following persistent sideways early in July.

Though DOT plunged towards $8.08 today, prices still hover beyond the 9- and 21-day MAs, alongside the 50-day EMA at $7.90. the $8 foothold remains vital for the alt, and moving beneath it might welcome significant downtrends.

The 24hr RSI (Relative Strength Index) also confirms the downside action within the previous 24hrs with a decline, reading 57.93. Also, trading volume declined by 10%, indicating reducing market movement for Polkadot.

Moreover, the MACD (Moving Average Convergence Divergence) stays beyond the neutral territory. However, the MACD has printed lower lows within the previous 24 hours, confirming a bearish narrative for DOT.

Bears seem to return to the crypto sphere following the latest market surge. Most top cryptos recorded declines within the past day. Moreover, assets seem weak, ready for more plunges. Time will reveal the upcoming price trends.

Stay tuned for the latest crypto news.

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