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Polkadot is trading in the red at 5.1764 at the time of writing and it seems strongly bearish. In my opinion, Bitcoin's drop forces the altcoins to drop as well. Technically, the price action signaled that upwards movement ended and that the sellers could take full control again.
Still, a new leg down needs confirmation, that's why we have to wait for fresh opportunities. The altcoin is down by 2.11% in the last 24 hours and by 0.57% in the last 7 days.
As you can see on the H1 chart, the rate dropped below the uptrend line which represented a dynamic support, signaling a larger drop. Now, it has tried to come back to test and retest the broken downtrend line but it has failed, indicating strong downside pressure and exhausted buyers.
Personally, I've drawn a downtrend line, so as long as it stays below it, the rate could drop deeper. Now, it's trapped between 5.4107 and 5.0396 levels.
Dropping below 5.0396 activates more declines and brings new short opportunities.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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