Polkadot Faces Renewed Bearish Pressure: Will $3.5 Support Hold?

• Polkadot (DOT) faces selling pressure, trading near $4.14 and nearing $3.5 support.
• Technical indicators show bearish trends, with RSI below 45% and falling SMA.
• If $3.5 support fails, DOT could drop further, potentially to $1.9.

Polkadot (DOT) is facing renewed selling pressure after a recent attempt at recovery stalled. The token had shown signs of rebounding, but momentum has now reversed. Currently trading near $4.14, Polkadot’s price is slipping toward a crucial support level at $3.5. With this level in focus, the question is whether the bulls can hold the line or if bears will push DOT even lower.

Can the $3.5 Support Level Hold?

The $3.5 mark is a key support level for Polkadot, and its fate could determine the token’s next move. On the 4-hour chart, DOT is trading below its 100-day Simple Moving Average (SMA), a sign of increasing bearish pressure. The Relative Strength Index has also dipped to 45%, indicating growing selling momentum. This signals that the bears are gaining control.

The 1-day chart confirms this bearish trend. Polkadot is still below the 100-day SMA, and the Relative Strength Index reading has fallen to 41. These indicators suggest further downside could be ahead unless the bulls step in to defend the $3.5 support. A break below this level could open the door to more losses.

Polkadot’s Future Outlook

If the $3.5 support fails, DOT may see its price fall even further. The next significant support could be as low as $1.9. However, if the bulls defend the $3.5 level, we could see a potential rebound. In that case, DOT might aim for the $4.8 resistance level.

Technical indicators show bearish momentum, but a defense of the $3.5 support could shift market sentiment. Traders should closely watch this key level in the coming days to see if a bounce or further drop is on the horizon.

Polkadot’s next move could set the tone for its performance in the near term. A bounce from the $3.5 support may give bulls some hope, but if bears succeed, we could be looking at a deeper decline for the cryptocurrency.