Polkadot

Daily

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/polkadot-confronts-intense-selling-pressure" data-wpel-link="internal">Polkadot Confronts Intense Selling Pressure</a><br></p>
<p style="text-align: justify">Polkadot’s price is experiencing considerable selling pressure, causing a significant decline below the crucial $6 support zone. Current price action reveals no signs of recovery, suggesting the downtrend might persist in the short term.</p> 
<h2 id="what-does-the-daily-chart-indicate">What Does the Daily Chart Indicate?</h2> 
<p style="text-align: justify">The daily chart reflects a marked increase in selling momentum, pushing Polkadot’s price below the $6 support level, breaking out of a multi-month triangle formation. This breach could instigate long liquidation in the futures market. Although a slight pullback to the broken $6 level might occur, if it confirms the break, it will reinforce the bearish outlook.</p> 
<h2 id="how-is-the-4-hour-chart-shaping-up">How is the 4-Hour Chart Shaping Up?</h2> 
<p style="text-align: justify">On the 4-hour chart, Polkadot’s price displays a clear pattern of lower lows and lower highs, highlighting a pronounced downtrend and seller dominance. The cryptocurrency is retreating within a descending price channel, underscoring continued selling interest among market participants. The price has approached the significant support area around $5.5, which has consistently served as support.</p> 
<p style="text-align: justify">If the selling pressure intensifies and breaches the $5.5 support, Polkadot might experience further declines targeting the critical $5 zone. Alternatively, there might be a temporary consolidation around this support, with movements confined between the $5.5 support and the upper boundary of the descending channel.</p> 
<h2 id="key-insights-for-investors">Key Insights for Investors</h2> 
<p style="text-align: justify">Polkadot has been in a strong downtrend, ultimately falling below the $6 threshold. Understanding the primary drivers of this downward movement is crucial for <a href="https://finance.coin-turk.com/" rel="nofollow noopener" target="_blank" data-wpel-link="exclude">investors</a> to gauge market sentiment and predict <a href="https://newslinker.co" target="_blank" rel="noopener nofollow" data-wpel-link="exclude">future</a> price actions. The following points are essential:</p> 
<ul> 
 <li>Significant liquidity exists above the $7.3 level, indicating potential buy-stop orders.</li> 
 <li>Selling activities and aggressive short positions are prominent at higher price levels.</li> 
 <li>Periods of consolidation and potential bullish pullbacks are likely as sellers realize profits.</li> 
</ul> 
<p style="text-align: justify">The attached chart highlights potential liquidation levels, offering valuable insights into medium-term focus areas for smart money.</p> 
<p style="text-align: justify">In conclusion, Polkadot’s current price action suggests continued selling pressure and potential further declines. However, understanding market drivers and support levels can help investors navigate this challenging environment.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/polkadot-confronts-intense-selling-pressure" data-wpel-link="internal">Polkadot Confronts Intense Selling Pressure</a></h5>

Polkadot Confronts Intense Selling Pressure

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Další články publikované 24. 6. 2024

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