PolkaDOT could rest at support $5.93 for BINANCE:DOTUSDT by TradeViewDemiGod

PolkaDOT could rest at support $5.93

Polkadot experienced a sharp decline and dropped below the uptrend line on April 19, indicating aggressive selling by the bears. Although the bulls attempted to push the price above the 20-day EMA on April 20, the long wick on the candlestick suggests that the bears successfully protected the level, initiating a downward move towards the 200-day SMA ($5.93).

Buyers are expected to fiercely guard the zone between the 200-day SMA and $5.70, as failure to do so may intensify selling and cause the DOT/USDT pair to plummet to $5.15. However, this bearish view will be invalidated in the near term if bulls push and sustain the price back above the uptrend line.

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