Polkadot Price Depreciates, Will The Bulls Be Able To Defend This Support Line?

Polkadot price has retraced on its chart over the last 24 hours. The coin has started to register sideways movement on its one-day chart. During this period, the coin lost close to 2% of its market value. In the last week, DOT registered more than 6% appreciation, which caused the bulls to gain stamina and break past the consolidation phase. The technical outlook for the coin remained positive; however, the indicators indicated that the bullish momentum was fading off the charts. Bitcoin also retraced slightly on its chart. Many altcoins have also started to trade sideways following BTC’s price action. Bulls for Polkadot price can make a comeback if the coin manages to push above the $6.70 price mark. Consistent lateral trading can cause the altcoin to dip further on its chart. It is important that Polkadot price remains above its local support level of $6.30. If the coin loses that support line, then there could be a further downfall. The broader market continues to show mixed trading signals, with some coins losing strength while the likes of Dogecoin and Shiba Inu gain further bullish momentum. Polkadot Price Analysis: One-Day Chart DOT was trading at $6.36 at the time of writing. The altcoin had witnessed weeks of price consolidation until Bitcoin finally registered bullish price action. Even though Polkadot’s bulls pushed hard to break past the $6 price mark, the coin has seemed to lose its bullish strength. I...