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POLKADOT PRICE ANALYSIS & PREDICTION (March 14) – DOT May Hit Five-Year Low if The Price Breaks Lower, Down 3%
After taking a short break on Tuesday, Polkadot’s price faced a rejection at $4 and resumed its decline. The bears appear to be gaining momentum as supply slowly increases, leaving the cryptocurrency in a precarious situation. Unfortunately, the recent 3% loss in the past few hours has left DOT looking weak.
In the short term, the daily outlook remains bearish following a roller-coaster reduction in the last three months. Bears have taken control, and their grip on the market shows no signs of loosening. The early month dump has not only caused panic and fear among mid-term investors but has also put Polkadot in a more bearish condition over the past few days, with no indication of slowing down.
The price has resumed selling after taking a day break, and this recent trend may pose a threat to the weekly $3.65 low. If the bears continue to apply pressure, we could see DOT’s price dip to a new multi-year low, effectively bringing an end to the bull season and triggering a long-term bearish sentiment.
Another factor to keep in mind is the steady decline in the daily volume indicator, which may further exacerbate the situation. A short retracement is possible if the bulls defend the weekly low well. However, based on current market conditions, it appears likely that bears will maintain their control.
Key levels to watch for Polkadot’s price include the $3.2 level, which would be the next line of support in case of further declines. This level also marks a five-year low. On the upside, if the bulls manage to overcome the $4 level, we may see a retracement move towards the $4.7 and $5.3 resistance levels. Above this lies the $6 level.
Key Resistance Levels: $4.7, $5.3, $6
Key Support Levels: $3.65, $3.2, $3
Spot Price: $3.95
Trend: Bearish
Volatility: High
