Polkadot price has been on a downtrend since December 26, facing a strong rejection but the 50-day SMA provided buoyance.
Nevertheless, DOT could fall 5% to the supply zone mean threshold at $6.9510, below which downtrend confirmation will manifest.
The bearish thesis will be invalidated upon a daily candlestick close above the 78.60% Fibonacci level at $8.2960.
