Why Polkadot [DOT] has potential to rebound from this defending level
Polkadot [DOT] continued its downward movement below its four-month trendline resistance . The current structure found immediate grounds in the $6.45-zone. A rebound from its long-term support can position the alt for near-term revival.
Should the current candlestick close above the immediate support, it would affirm the chances of a near-term revival on the chart. An inability to close beyond this range could position the alt for an undesired decline in the coming sessions. Any retracements below the $6.4-mark would expose DOT to a further 8-10% downside.After endeavoring to break the limitations of the midline, the RSI fell back into bearish territory. To change this narrative, the buyers had to find a position above the midline.
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