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What’s Next as Polkadot Drops by 11% in 48 Hours

Polkadot (DOT) remained under crucial selling pressure, as bulls struggled to break above the $7.7 resistance level.

The bullish bounce by Polkadot's DOT from the $6.6 support level that took it above the $7.7 resistance was short-lived, with bears quickly reclaiming the resistance level.

DOT had been on an extended dip after a price rejection at the $9 price level before bulls halted the selling wave at the $6.6 support level. However, the short-term conviction for DOT seems to have shifted bearish as price faltered again at the $8.5 price zone. This created a descending trendline on the four-hour timeframe.

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