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![Polkadot [DOT] – What to expect now that the $7 level is re-tested once again](https://cryptonoiz.com/wp-content/uploads/2022/06/ladybug-55056_1280-1000x600.jpg)
Polkadot [DOT] simply concluded one of many crypto-market’s most unstable weeks with a retest of help close to the $7-price stage. This robust help has to this point prevented DOT from in search of as a lot draw back as most high cryptocurrencies.
DOT is among the many high cryptocurrencies with the bottom weekly loss. It was buying and selling at $7.18, at press time, after 5.71% positive factors within the final 24 hours, reducing its weekly loss to six.71%. Nonetheless, this can be a minor drop in comparison with different high cryptos, a few of which misplaced greater than 20% within the final 7 days.
DOT’s worth has been consolidating close to the $7-price stage for the previous few days. That is inside the similar ball-park as its earlier backside throughout the Might crash. Which means that the identical help line has been holding nicely with little stress to push the value decrease.
Supply: TradingView
One potential purpose why the help stage appears so robust is as a result of there was a notable uptick in accumulation close to the identical stage.
DOT’s RSI highlighted the shortage of promoting stress inside the help vary. The identical stage additionally acted as an accumulation zone when the value fell into the oversold zone on Monday.
Restricted by low shopping for stress and but…
DOT has solely managed little upside to this point resulting from prevailing market circumstances. Though it appears to not have skilled important promoting stress, it additionally didn’t garner sufficient shopping for stress to help robust upside.
Regardless of this, whales have been accumulating close to the $7-support stage, as indicated by the availability held by whales metric. It elevated from 44.45% on 16 June to 44.91% by press time.
Supply: Santiment
DOT’s worth additionally registered a big uptrend over the past two days, in addition to a quantity enhance throughout the identical time. This aligns with the buildup close to help.
Nonetheless, bearish market circumstances could have restricted any potential upside due to the heightened FUD ranges.
Conclusion
DOT’s robust help is a wholesome signal of prevailing investor sentiment concerning its present worth stage. It might additionally present a ramp on which the value could bounce from. Nonetheless, this doesn’t assure that the market is not going to expertise extra promote stress within the subsequent few days, doubtlessly resulting in extra draw back.
