DOT Takes a Tumble: Sinks to 6-Week Low on Tuesday

"Polkadot Plummets to Six-Week Low Amid Global Crypto Market Decline"

Polkadot (DOT) and Avalanche (AVAX) experienced a significant drop in prices on Tuesday, with DOT hitting a six-week low of $5.61 and AVAX falling to a bottom of $16.53. The global crypto market cap was also down by 1% on the day. The decline in sentiment in cryptocurrency markets continued to be bearish, resulting in DOT slipping to its weakest point since March 12, when its price was trading at $5.47. However, bulls have so far rejected a breakout below the $5.60 floor, and DOT is currently trading at $5.68.

Looking at the daily chart, the relative strength index (RSI) rebounded from a floor of 36.00, tracking at 37.52 as of writing. Similarly, AVAX’s breakout was rejected as the RSI remained above a floor of 41.00, with price strength tracking at 41.27. The ceiling of 43.00 is a possible target for bulls looking to extend the current rebound. While bears attempted to take AVAX to a long-term price floor at $16.30, they were unsuccessful so far. The question remains whether AVAX will climb above $17.00 this week.

It is important to note that this article is for informational purposes only and not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Martin Reid

Martin Reid

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