Polkadot price sets up for a 35% decline as the bearish purge ensues
- Polkadot price has breached a triangle consolidation to the downside.
- DOT price has displayed bearish volume.
- Invalidation of the bearish thesis is a breach above $9.60.
Polkadot price shows bears are in control of the market. A steep decline could occur if the technicals are correct.
Polkadot price due for a purge
Polkadot price breach of the triangular consolidation spells for a disastrous decline in the coming days. The coiling triangle, which began on May 11th, projects a 35% decline in the making. DOT price has displayed considerable volume throughout the last few weeks, which further confounds a future mudslide.
Polkadot price, like several cryptocurrencies, has been rejected from bullish support on the Relative Strength Index. When combined, a decline to $5 holds merit. Polkadot price could begin a steep decline with a challenging opportunity for a bearish entry.
DOT/USDT 4-Day Chart
Invalidation of the bearish downtrend is a breadth above $9.60. If the bulls can breach this level, a rise to $11 could result in a 25% increase from the current Polkadot price.
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
