Polkadot’s future does not look good as it breaks a key support level to trade below $9 and loses 12% of its value in two days.
Analysts have observed that the price of DOT is no longer directly correlated with its Development Activity, linking its previous price growth to external factors.
Polkadot’s (DOT) recent recovery attempt into a new height became worse as it lost another 12% of its value in just two days in the ongoing broad market correction. Interestingly, its year-to-date return has also been negative as it slips below $9 to trade at $8.4.
Despite the month tipped to be a strong recovery period, DOT appears to remain extremely lower than its levels in October 2023. A look at its current market dynamics also shows that the asset is looking bearish with the Relative Strength Index (RSI) indicating a reading below the neutral threshold of 50.
With investors hoping for a comeback, analysts have observed a death cross on its 4-hour chart characterized by the 50
