As DOT hits new year low, late sellers can target this price level

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.The absence of buying pressure could see further losses in the short term.

7.9% dip over the past 48 hours saw the altcoin sink to a new-year low of $4. Previously, bulls had put up a last-gasp defense of the $4.24 support level over a week-long period.However, the selling pressure on DOT and the bearish bias in the crypto market saw it register another significant dip. In the meantime,

continued to trade within the $25.8k range after recovering from the sharp drop to $25k over the past day.The swift decline of the Relative Strength Index into the oversold zone highlighted the intense selling pressure on DOT. With bulls unable to defend the support level, sellers broke through the bullish order block to produce a new price low.

Investors quickly reacted by pulling out capital as evidenced by the Chaikin Money Flow dropping from +0.15 to -0.01. While bears extended their dominance through the break of a key price level, bulls could still mount a rally from the $4 price zone. This could be initiated by Bitcoin recovering the $26.5k price level this week.Read

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