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Polkadot’s price has faced significant selling pressure, leading to a notable plunge below the crucial $6 support region. The price action suggests a potential continuation of the downtrend in the short term, with no signs of recovery currently evident.
The price displays no signs of recovery on the daily timeframe, indicating the possibility of a continued downtrend. However, a slight and temporary pullback to the broken $6 threshold could occur, confirming the breakout and solidifying the bearish scenario.On the 4-hour chart, Polkadot’s price action shows a clear pattern of lower lows and lower highs, indicative of a pronounced downtrend and ongoing seller dominance.
If selling pressure intensifies and breaches the $5.5 support level, Polkadot could see further downside, targeting the substantial $5 support zone. The accompanying chart highlights the potential liquidation levels in Polkadot’s price action, which can provide valuable insights into the focus areas for smart money in the mid-term.
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