Polkadot price signals a severe sell-off into $14.50
|- Polkadot prints the lowest price this month.
- DOT price volume says bears are in control.
- Invalidation of the bearish case is a close above $18.75.
Polkadot price is showing significant sell signals. Traders should avoid trying to catch the lows for now.
Polkadot price suggests the bears are back
Polkadot price has made a new April low as the digital asset is currently trading at $16.90. The bearish outlook on Polkadot price has always been maintained since the bulls failed to find support on a triangle trend line earlier this month. The doji candle on the 4-hour chart could be smart money’s attempt to entice traders to go long. As of now, there has been no evidence to support a strong bullish reversal.
Polkadot price is displaying a classical ramping pattern on the volume indicator. Additionally, the bears have printed a large bearish engulfing candle that mirrors the strength displayed within the 15% decline between April 10th and April 12th. An additional 15% decline from the current price would target $14.50.
DOT/USDT 4-Hour Chart
Invalidation of the bearish scenario is a close above $18.75. If this bullish event happens, the Polkadot price could climb back to $22, resulting in a 30% increase from the current DOT price.
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