The price of Polkadot (DOT) in the market is showing bearish signs and is approaching a key level of $6.00 against the US Dollar. If it fails to stay above this level, the price could extend its decline.
Currently, DOT is trading below the $7.20 zone and the 100 simple moving average on the 4-hour chart. There is a key bearish trend line forming with resistance at $6.50.
If the price breaks below $6.00, it could continue to decline towards the $5.00 support zone. On the other hand, a successful break above $7.00 could lead to another strong rally towards $8.20 and the next major resistance at $10.00.
The MACD indicator is showing bearish momentum, and the RSI is below the 50 level, indicating a negative sentiment. The major support levels are $6.00, $5.65, and $5.00, while the major resistance levels are $6.50, $7.00, and $8.50.
Source: NEWSBTC
