๐ฃ๐ผ๐น๐ธ๐ฎ๐ฑ๐ผ๐ (๐๐ข๐ง) ๐ข๐ป ๐ฆ๐ต๐ฎ๐ธ๐ ๐๐ฟ๐ผ๐๐ป๐ฑ: ๐๐ฒ๐ฎ๐ฟ๐ ๐ง๐ฎ๐ธ๐ฒ ๐๐ผ๐ป๐๐ฟ๐ผ๐น?
Polkadot's price has slipped 10% this week, and buyers are starting to lose grip.
Earlier in May, bulls tried to push DOT above $6, but when the price hit $5.60, sellers stepped in fast. Since then, momentum has shifted to the downside.
๐ Bearish Patterns Dominate the 4H Chart
DOT is currently trading inside a falling channel, which can sometimes hint at a rebound โ but this time, the indicators say otherwise:
โ๏ธ Chaikin Money Flow (CMF) dropped from 0.17 to 0.08
โก๏ธ This shows that buying pressure is weakening.
โ๏ธ Awesome Oscillator (AO) has turned negative
โก๏ธ Signals growing bearish momentum.
If this pressure continues, DOT could fall below $4 soon.
๐ต๏ธโโ๏ธ Daily Chart: Correction Ahead, But Some Hope Remains
The golden cross (20 EMA crossing above 50 EMA) had given bulls hope.
But now, DOT is below the 20 EMA and may break the 50 EMA next.
โ๏ธ If that happens, next key support is around $3.24
โ๏ธ In a worst-case scenario, DOT could dip below $3.00
โ Bullish Comeback? Still Possible
If DOT reclaims the 20 EMA, bulls could regain control:
โก๏ธ First target: $5.22
โก๏ธ If momentum builds: $6.44 is possible
โ ๏ธ DOT Traders: Stay Alert!
Right now, bears are in charge โ but crypto markets move fast.
Watch momentum indicators closely, and be ready to adjust.
The next few days could decide DOTโs direction for weeks to come.