Reasons why Polkadot [DOT] lost its important support zone this week
’s native cryptocurrency DOT established a support line near the $6.40 price level after bottoming out in June. It also retested this support level multiple times in the last few weeks. Another retest occurred this week but this time the same support line showed signs of weakness.
This outcome reflects the lack of enough buying pressure amid increased concerns of another potential crash. However, DOT managed to regain some upside, after achieving a new 2022 low at $6.22.Despite its slight upside in the last 24 hours, the fact that DOT broke through the June support might be a sign of more potential downside. This is because the support weakness is a sign that more investors are unwilling to buy, at that price level, hence the lower demand.
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