Polkadot (DOT) experienced a second consecutive session of decline on Tuesday as the cryptocurrency market remained bearish. The DOT/USD dropped to as low as $5.61 on Tuesday, less than 24 hours after trading at a high of $5.82. This drop caused Polkadot to reach its weakest point since March 12 when the price was trading at $5.47. However, the bulls have so far rejected a breakout below the floor at $5.60. As of writing, the token is trading at $5.68, after the relative strength index (RSI) rebounded from a floor of 36.00 and is currently tracking at 37.52.
Avalanche Token Also Experiences a Decline
Avalanche (AVAX) was another notable mover on Tuesday as the token fell to its own level of support. After starting the week with a high of $17.06, the AVAX/USD sunk to a bottom at $16.53 earlier today. However, bears were unsuccessful in their attempt to take Avalanche to a long-term price floor at $16.30. Similar to what occurred with DOT, the breakout was rejected as the RSI remained above a floor of 41.00. As of writing, price strength is tracking at 41.27, with a ceiling of 43.00 being a possible target for bulls looking to extend the current rebound. This could result in AVAX reaching $17.00.
Cryptocurrency Market Remains Bearish
The decline in Polkadot and Avalanche tokens is part of a wider trend in the cryptocurrency market, which has been bearish recently. However, it is important to note that the market is highly volatile and prices can fluctuate rapidly. Nevertheless, many investors are keeping a close eye on these two tokens to see how they perform in the coming days and weeks.
Leave a Reply