After Multiple Rejections, Is Polkadot (DOT) Preparing for a Fresh Bearish Trend?

The post After Multiple Rejections, Is Polkadot (DOT) Preparing for a Fresh Bearish Trend? appeared first on Coinpedia Fintech News

The crypto markets are trying hard to recover, as most tokens are trying hard to accumulate significant strength. Despite a minor drop in volume, the bulls are attempting to elevate the tokens above the bearish well. Besides, Bitcoin dominance has plunged below 50%, suggesting the resurgence of altcoins. However, one of the popular altcoins, Polkadot, does not appear to follow the market trend. 

The DOT price has been printing huge bullish candles since the middle of October 2023 but has failed to attain a double-digit figure. Despite the rise in prices, the technicals continue to remain bearish, indicating the momentum could remain attracted towards the lower support. However, as the volume continues to reduce, the fear of a fresh descending trend emerges. 

The DOT price maintained a significant upswing along the ascending trend line, which has been acting as a major support. Besides, the price has dropped below the average levels of the Bollinger bands, which suggests a descending trend may continue, aiming to reach the lower bands. The price has faced multiple rejections in recent times, and hence, after defending the support for a long time, it appears to have become pretty weak. 

Therefore, the Polkadot price is believed to face massive rejection, which could begin a fresh descending trend. As mentioned, the RSI is plunging, which suggests the price may break below the lower trend line and test the lower support. With this, the token may reach support below $7 in the lower band. Hence, the Polkadot price prediction is bearish and may close the monthly trade below the crucial support at $6.7.