Summary
TLDR: Polkadot’s price has shown resilience but is likely to decline further to test $5 support. The altcoin struggles to attract investors due to a negative Sharpe Ratio and declining interest from current holders. If support at $6.3 is breached, price may drop to $5.7, but if support holds, it could rally to $8. This is not financial advice and market conditions can change.
Key Points
1. Polkadot (DOT) price has exhibited resilience in the past few days, preventing further decline, but this will likely change.
2. The bearishness amplified during the recent decline will likely pull the altcoin down to test $5 as support.
3. Polkadot Finds It Difficult to Attract Investors
– The recovery of Polkadot’s price would be much quicker with the support of DOT holders and potential investors.
– Negative figures indicate a lack of solid risk returns, which keeps investors away from the digital asset.
– Polkadot is losing traders in the Futures market, increasing the potential for a decline in its price.