Can bulls take advantage of selling pressure slowing down to rally from the $5 psychological level?
As selling pressure eases, is DOT primed for a rebound?While DOT’s price dwindled, Polkadot shone on the social front. This was highlighted by aon the network’s surging social engagements. As its social sentiment continues to rise, this could have an effect on DOT’s price.
After sellers flipped the $5.23 price level on 1 August, buyers quickly made an attempt to recover. However, the price was rejected at the new resistance level. Thus, leading to a 5% price drop over the past 48 hours. Conversely, the stagnation of the bearish momentum at the $5 price zone offers bulls an opportunity to reverse the bearish trend.
The Relative Strength Index pushed up slightly to 39 with the uptick a sign of reviving confidence. The Chaikin Money Flow also moved above the zero mark with a reading of +0.06 to signal incoming capital inflows. A bullish reversal from the current levels will need to close above the $5.23 price level for sustained gains. Another price rejection at that level may see DOT experience extended losses pushing it toward the $4.4 – $4.6 price zone.
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