- Polkadot prints the lowest price this month.
- DOT price volume indicates that the bears are under control.
- The invalidation of the bearish case is a close above $18.75.
Polkadot price is showing strong sell signals. Traders should avoid trying to catch the lows for now.
Polkadot Price Suggests Bears Are Back
Polkadot’s price hit a new low in April, with the digital asset currently trading at $16.90. The bearish outlook on the price of Polkadot has always been maintained since the bulls failed to find support on a triangular trendline earlier this month. The doji candle on the 4-hour chart could be a smart money attempt to trick traders into going long. As of now, there is no evidence to support a strong bullish reversal.
The Polkadot price displays a classic ramp pattern on the volume indicator. Additionally, the bears have printed a large bearish engulfing candle that mirrors the strength displayed in the 15% decline between April 10 and April 12. A further decline of 15% from the current price would target $14.50.
DOT/USDT 4-Hour Chart
The invalidation of the bearish scenario is a close above $18.75. If this bullish event occurs, the Polkadot price could rally back to $22, which would result in a 30% increase from the current DOT price.