Polkadot's price has experienced a sharp decline today, driven by a combination of technical and market factors. The cryptocurrency has been under significant selling pressure after failing to maintain levels above $6.499, leading to a series of lower highs. This bearish momentum has been exacerbated by broader market concerns, including the renewed trade war between the U.S. and its trading partners, which has injected risk aversion into financial markets. As a result, Polkadot has struggled to find support, with immediate resistance levels proving difficult to breach.
The technical outlook for Polkadot remains challenging, with key support levels being tested. Analysts have identified $4.242 as an immediate support level, with a potential retest of $3.780 if this level fails to hold. On the upside, a breakout above $4.840 could signal a short-term recovery, but the broader trend remains bearish unless Polkadot can sustain levels above $5.914. The heightened selling activity, reflected in the 24-hour trading volume of 38.26 million DOT, underscores the current bearish sentiment in the market.
Polkadot's price has fallen by 5.89% today, currently trading at $4.845484. The cryptocurrency reached a high of $5.148669 and a low of $4.012817 during the day.