The price of Polkadot (DOT) cryptocurrency experienced a significant decline as a result of the rejection of the 200-day moving average, bringing its price closer to the lower end of the sideways trading range, namely $6. However, price action at this point is extremely important in predicting the cryptocurrency's next move. 📉🔮

According to technical analysis, Polkadot's daily chart reveals a prolonged sideways consolidation phase with significant resistance at $7.5 and significant support at $6. Recently, the price experienced a rejection near the upper end of this range, leading to a significant decline.

Now that the cryptocurrency is approaching the lower end of the range, sellers are preparing for a potential downtrend. If they manage to drop the price below this critical level, a sustained downtrend could begin. On the contrary, if demand increases, a bullish reversal towards the upper end of the range may be possible. However, price action around this vital support zone will determine the cryptocurrency's near-future trajectory. 🐂🐻

What do you think the price of Polkadot will be? We are waiting your comments! 💬👇