Polkadot DOT Price Analysis April 7, 2023

DOTUSDT

Polkadot’s DOT has fallen below the 20-day EMA ($6.22), which suggests that the bulls' hold on the market is weakening, and the price may decline to the robust support at $5.70.

If the DOT/USDT pair rebounds from the $5.70 support level, it may try to rally to the downtrend line and trade between these two levels for some time. Breaking above the downtrend line could pave the way for a potential uptrend towards the neckline of the inverse H&S pattern.

On the flip side, if the price drops below $5.70, it would give sellers an upper hand. The pair may then drop to $5.15, which is an essential level to monitor, as a break below it could lead to a further decline to $4.50.

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