- Polkadot price has breached a triangle consolidation to the downside.
- DOT price has displayed bearish volume.
- Invalidation of the bearish thesis is a breach above $9.60.
Polkadot price shows bears are in control of the market. A steep decline could occur if the technicals are correct.
Polkadot price due for a purge
Polkadot price breach of the triangular consolidation spells for a disastrous decline in the coming days. The coiling triangle, which began on May 11th, projects a 35% decline in the making. DOT price has displayed considerable volume throughout the last few weeks, which further confounds a future mudslide.
Polkadot price, like several cryptocurrencies, has been rejected from bullish support on the Relative Strength Index. When combined, a decline to $5 holds merit. Polkadot price could begin a steep decline with a challenging opportunity for a bearish entry.
DOT/USDT 4-Day Chart
Invalidation of the bearish downtrend is a breadth above $9.60. If the bulls can breach this level, a rise to $11 could result in a 25% increase from the current Polkadot price.
Read More:Polkadot price sets up for a 35% decline as the bearish purge ensues