DOT price breaks key support | Credit: Derek Fenech
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Key Takeaways
DOT has dropped below $3.42, reflecting fading bullish momentum.
RSI and MFI trend lower while CMF shows limited buying strength.
Sustained selling could push DOT’s price toward $2.78 support
In the past 24 hours, Polkadot’s (DOT) price has decreased, as it has for much of the month.
As of this writing, it has slipped below its recent high of $3.42 as selling pressure rises across the crypto market.
The token’s inability to sustain upward momentum highlights weak confidence in it.
Despite brief recovery attempts, DOT’s price action shows that bears still control market direction, keeping the token below key resistance levels.
Polkadot Hovers Below Resistance
On the 4-hour chart, DOT continues to trend downward, reinforcing the prevailing bearish outlook.
The Money Flow Index (MFI) is sliding lower, reflecting steady selling pressure.
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Currently pegged at 59.45, the indicator sits above the neutral 50 level but shows diminishing strength.
Likewise, the Relative Strength Index (RSI) confirms fading bullish momentum.
The indicator trades below the neutral 50 line at 43.19, heading toward the oversold territory at 30. This decline reinforces the broader bearish tone, as traders continue to exit positions in anticipation of further downward pressure.
If the current momentum holds, DOT’s price could retest its near-term support level at $2.77. If this happens, it could confirm the sustained bearish control and potentially open the door to an extended correction.
On the daily chart, DOT’s Awesome Oscillator (AO) remains negative at -0.703.
Although the indicator flashes green histogram bars, the momentum behind the move is weak.
As seen below, while buyers attempt to buy the dip, sellers continue to dominate the overall price direction.
Similarly, the Chaikin Money Flow (CMF) has flattened around the neutral zone, suggesting reduced capital inflows and a lack of strong accumulation.
This reading points to market indecision, where neither buyers nor sellers holds a decisive advantage.
A dip below zero would confirm increasing distribution pressure, reinforcing the ongoing bearish sentiment surrounding DOT.
Drawing insights from Fibonacci retracement levels, DOT currently trades below the 0.236 Fib level at $3.35, with the coin priced at $2.96 at the time of writing.
This position highlights the weakening structure of the market as selling pressure intensifies.
Below this range is $2.78, a key psychological support that could serve as DOT’s final line of defense if the bearish trend accelerates.
A breakdown toward this zone would indicate a full retracement of previous gains, reinforcing the strength of current selling momentum.
On the flip side, if Polkadot’s price manages to defend the 0.236 Fib level at $3.40 and rebound, it could aim for its next key resistance area at $3.78, aligning with the 0.382 Fib level.
A successful breakout above this point would require stronger buying volume and confirmation from technical indicators, signaling the start of a possible short-term recovery phase.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
