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Polkadot’s price has experienced heightened selling pressure, leading to a breakout below the significant $6 support region.
his underscores the intense selling pressure in the market, and it’s worth noting that it is not isolated to DOT but rather all altcoins. The price has broken below the lower boundary of a multi-month triangle and previous major swing lows, signaling a notable bearish sentiment. Following the break below the crucial $6 threshold, the price completed a pullback to the broken level, further validating the bearish scenario.
The accompanying chart illustrates the potential liquidation levels in Polkadot’s price action, providing insights into where smart money might focus in the mid-term. Currently, there is a significant amount of liquidity resting near the $6 mark, likely comprising buy-stop orders from aggressive short positions initiated near this critical threshold.
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