CandleFocus Polkadot price struggles amid bearish momentum: key levels to watch
2024-09-12
Author: Content Editor
Polkadot's (DOT) price is currently experiencing increased volatility and is approaching a critical support level of $3.5. The cryptocurrency attempted a recovery but faced resistance at its 20-day Simple Moving Average (SMA). The Relative Strength Index (RSI) suggests that bearish momentum is dominant. If Polkadot breaks below the support levels of $4 and $3.5, it could see further declines. However, if buyers defend these support levels, a rebound towards $4.50 is possible. Positive developments in the ecosystem, such as the launch of The Tie's Polkadot Ecosystem Dashboard, could help boost the price. The next few weeks will likely determine the direction of Polkadot's price.
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