Polkadot is currently in a major consolidation phase and may differ little from other altcoins. On the contrary, we perform even worse here than with many others.
We're currently trading at around $9.40. The downtrend is still intact and will only be broken when the USD 12 mark is broken. At the moment it doesn't look as if we'll break this mark anytime soon.
The indicators give us little clue to possible breakouts or sell-offs. The trading volume is decreasing and the RSI is in a normal range, which can speak for both directions.
On the daily chart, we still have to be prepared for falling prices. Here we are in a critical zone as we have very little support on the downside and still have an old inefficiency in the market below us.
Furthermore, we find another wick, which will most likely be filled sooner or later, since the large orders or stop losses are located here and there is therefore a lot of liquidity.
If we fill this, there is a high probability that we will even fall into the area around USD 6, since the next significant support can only be found here, which could give a bottom.
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