Polkadot Technical Analysis: Polkadot Falls Below $7.00

Polkadot technical analysis indicates that DOT has failed to break past $7.20, and the subsequent rejection has caused the price to fall below $7.00. Currently, DOT holds support at $6.70, but selling pressure is mounting. The cryptocurrency market as a whole showed a bearish trend in the last 24 hours, with most of the significant coins declining in price. ETH and BTC had a 2.20% and 1.61 percent drop, respectively, over the same time. Polkadot Rejected At $7.230 Technical indicators for DOT/USDT by Tradingview The MACD is currently in a bullish trend, as seen by the green color of the histogram. However, in recent hours, the indicator has exhibited slow buying momentum. The short height of the histogram suggests poor buying momentum. Furthermore, the brighter histogram indicates an increasing selling pressure as the price approaches $6.50. The net price movements over the last seven days remain modest, consistent with the EMAs being close to the mean position. However, as markets witness selling activity, the EMAs indicate a bearish convergence, with the 12-EMA declining to reflect recent price changes. The RSI was in a favorable position yesterday, with the bulls attempting to break through $7.20. On the other hand, the index is trading near 50 now. It fluctuates around 43.66 as it approaches the mean position of 50.00, suggesting significant selling pressure. The setup gives little room for the further ascent over the shor...